461. Duty of mortgagee on exercise of power of sale.

A mortgagee is not a trustee for the mortgagor as regards the exercise of the power of sale1. He is not obliged to exercise the power of sale even if advised to do so, or if the asset is depreciating, however advantageous a sale might be to the mortgagor2. He is not obliged to delay in the hope of obtaining a higher price3, or if redemption is imminent4 or until after the pursuit of an application for planning permission or the grant of a lease of the mortgaged property, though the outcome of the application and the effect of