NRS 32.360 Effect of enforcement by mortgagee.

206 words·~1 min read·/nv/chapter-32-receivers/32-360

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. A request by a mortgagee for the appointment of a receiver, the appointment of a receiver or the application by a mortgagee of receivership property or proceeds to the secured obligation does not:

(a)Make the mortgagee a mortgagee in possession of the real property;

(b)Make the mortgagee an agent of the owner;

(c)Constitute an election of remedies that precludes a later action to enforce the secured obligation;

(d)Make the secured obligation unenforceable;

(e)Limit any right available to the mortgagee with respect to the secured obligation;

(f)Constitute an action within the meaning of subsection 1 of NRS 40.430 ; or

(g)Except as otherwise provided in subsection 2, bar a deficiency judgment pursuant to law of this State other than NRS 32.100 to 32.370 , inclusive, governing or relating to a deficiency judgment.

2. If a receiver sells receivership property that pursuant to subsection 2 of NRS 32.315 is free and clear of a lien, the ability of a creditor to enforce an obligation that had been secured by the lien is subject to law of this State other than NRS 32.100 to 32.370 , inclusive, relating to a deficiency judgment.

Miscellaneous Provisions