33-702. Mortgage defined; admissibility of
proof that transfer is a mortgage
A. Every transfer of an interest in real property, other than in trust, or a trust
deed subject to the provisions of chapter 6.1 of this title, made only as a security for
the performance of another act, is a mortgage. The fact that a transfer was made subject
to defeasance on a condition may, for the purpose of showing that the transfer is a
mortgage, be proved except against a subsequent purchaser or encumbrancer for value and
without notice, notwithstanding that the fact does not appear by the terms of the
instrument.
B. A mortgage or trust deed may provide for an assignment to the mortgagee or
beneficiary of the interest of the mortgagor or trustor in leases, rents, issues, profits
or income from the property covered thereby, whether effective before, upon or after a
default under such mortgage or trust deed or any contract secured thereby, and such
assignment may be enforced without regard to the adequacy of the security or the solvency
of the mortgagor or trustor by any one or more of the following methods:
1. The appointment of a receiver.
2. The mortgagee or beneficiary taking possession of the property, or without the
mortgagee or beneficiary taking possession of the property.
3. Collecting such monies directly from the parties obligated for payment.
4. Injunction.
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