A.R.S. § 33-2623: Effect of enforcement by mortgagee

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:

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.

5. Limit any right available to the mortgagee with respect to the secured obligation.