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Texas Statutes (Last Updated: January 4, 2014) |
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PROPERTY CODE |
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Title 5. EXEMPT PROPERTY AND LIENS |
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Subtitle B. LIENS |
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Chapter 64. ASSIGNMENT OF RENTS TO LIENHOLDER |
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Subchapter B. ASSIGNMENT OF RENTS |
Sec. 64.057. EFFECT OF ENFORCEMENT
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The enforcement of an assignment of rents by a method provided by Section 64.054 or 64.055, the application of proceeds by the assignee under Section 64.059 after enforcement, the payment of expenses under Section 64.058, or an action under Section 64.060 does not:
(1) make the assignee a mortgagee in possession of the real property from which the rents arise;
(2) make the assignee an agent of the assignor;
(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 assignee with respect to the secured obligation; or
(6) bar a deficiency judgment under any law of this state governing or relating to deficiency judgments following the enforcement of any encumbrance, lien, or security interest.