A creditor's failure to exercise retention of title rights before calling on a guarantee does not give rise to an implied term requiring such exercise, particularly where the guarantee contains broad waiver and anti-discharge provisions. The equitable principle that a surety is discharged by impairment of security is subject to the express terms of the guarantee. An action on a guarantee for a debt does not attract a duty to mitigate.
The full text is available to signed-in members, including the 22 later cases that cite this judgment.
1 of the 22 citing cases carry a classified treatment. How each court treated it is available to signed-in members.