78B-21-125. Effect of enforcement by mortgagee.
(1) A 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: make the mortgagee a mortgagee in possession of the real property; make the mortgagee an agent of the owner; constitute an election of remedies that precludes a later action to enforce the secured obligation; make the secured obligation unenforceable; limit any right available to the mortgagee with respect to the secured obligation; constitute an action within the meaning of Section; or 78B-6-901 except as otherwise provided in Subsection, bar a deficiency judgment pursuant to law of this state other than this chapter governing or relating to a deficiency judgment. (2)
(2) If a receiver sells receivership property that pursuant to Subsectionis 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 the state other than this chapter relating to a deficiency judgment. 78B-21-116(3)