North Carolina § 1-507 - 54. Effect of enforcement by secured party.
Full text of North Carolina North Carolina General Statutes § 1-507 — 54. Effect of enforcement by secured party., with citation guidance and answers to common questions.
§ 1-507. 54. Effect of enforcement by secured party.
A request by a secured party for the appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property to the secured obligation does not do any of the following: Make the secured party a mortgagee in possession of real property. Impose any duty on the secured party under G.S. 25-9-207. Make the secured party an agent or fiduciary of the debtor. 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 secured party with respect to the secured obligation. History (2020-75, s. 1.) Editor's Note. - Session Laws 2020-75, s. 1, enacted this section as G.S. 1-507.53 . It was renumbered as G.S. 1-507.54 at the direction of the Revisor of Statutes.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 1-507
What does North Carolina General Statutes § 1-507 cover?
Section 1-507 ("54. Effect of enforcement by secured party.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 1-507?
A common citation format is "North Carolina General Statutes § 1-507" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 1-507 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.