Md. Code, Commercial Law § 24-405
This is the official text of Md. Code, Commercial Law § 24-405, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
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§24–405.
Official statutory text
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:
(1) Make the mortgagee a mortgagee in possession of the real property;
(2) Make the mortgagee an agent of the owner;
(3) Constitute an election of remedies that precludes a later action to enforce the secured obligation;
(4) Make the secured obligation unenforceable; or
(5) Limit any right available to the mortgagee with respect to the secured obligation.
(1) Make the mortgagee a mortgagee in possession of the real property;
(2) Make the mortgagee an agent of the owner;
(3) Constitute an election of remedies that precludes a later action to enforce the secured obligation;
(4) Make the secured obligation unenforceable; or
(5) Limit any right available to the mortgagee with respect to the secured obligation.
Status: in_force · Read it on the official government site
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