§ 55-21-25

(a) 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; or(6) Except as otherwise provided in subsection (b), bar a deficiency judgment pursuant to law of this state other than this article governing or relating to a deficiency judgment.(b) If a receiver sells receivership property that pursuant to 55-10-16(c) of this code is 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 this state other than this article relating to a deficiency judgment.