Illinois § 25

§ 25.

Effect of enforcement by secured party. A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not: (1) make the secured party a mortgagee in possession of real property; (2) impose any duty on the secured party under Section 9-207 of the Uniform Commercial Code; (3) make the secured party an agent of the owner; (4) constitute an election of remedies that precludes a later action to enforce the secured obligation; (5) make the secured obligation unenforceable; or (6) limit any right available to the secured party with respect to the secured obligation. (Source: P.A. 104-34, eff. 1-1-26.)