Section 35-NEW - [Newly enacted section not yet numbered] [Effective 1/1/2025] Effect of enforcement by mortgageeA request by a mortgagee for appointment of a receiver, the appointment of a receiver, or application by a mortgagee of receivership property or proceeds to the secured obligation does not do any of the following:
(1) Make the mortgagee a mortgagee in possession of the real property.(2) Make:a. The mortgagee an agent of the owner, receiver, or mortgagor;b. The owner an agent of the mortgagee, receiver, or mortgagor;c. The receiver an agent of the mortgagee, owner, or mortgagor; ord. The mortgagor an agent of the owner, mortgagee, or receiver.(3) Constitute an election of remedies that precludes a later action to enforce the secured obligation.(4) Make the secured obligation unenforceable.(5) Limit any right available to the mortgagee with respect to the secured obligation.Ala. Code § 35-NEW (1975)
Added by Act 2024-380,§ 25, eff. 1/1/2025.