A mortgagee owes duties in equity to the mortgagor arising out of the particular relationship between them1. This duty extends to any subsequent incumbrancer2 or surety3. The duties cannot be replaced or supplemented by a liability in negligence4 or extended to others such as beneficiaries under a trust of the mortgaged property5. They can be excluded by agreement6. The mortgagee is not obliged to exercise his powers even if advised to do so, although the mortgaged property is depreciating and however advantageous it might be to the mortgagor7. He can decide if and when to exercise his powers on
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