A receiver and manager owes the same duty in equity to the mortgagor, all subsequent incumbrancers and guarantors as the mortgagee1 to exercise his powers in good faith and for the purpose of obtaining repayment of the debt owing to the mortgagee. In a number of respects however, a receiver is in a very different position to the mortgagee: whilst a mortgagee has no duty at any time to exercise his powers to enforce his security, a receiver has no right to remain passive if that course would be damaging to the interests of the mortgagor or mortgagee2. In
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