In October 2013 Adams Building Contractors Ltd (ABC) borrowed $100,000 from Division East Finance Ltd (DEF). A General Security Agreement was entered into creating a charge over ABC's assets and giving DEF the power to appoint a receiver should the terms of the General Security Agreement be breached. In January 2014 ABC entered into a General Security Agreement, securing an advance of $50,000, with the Rural Southern Trust Banking Corporation Limited (RST). Since 31 March 2014, ABC has suffered trading losses, and has been unable to pay debts as they fall due. On 1 July 2014 DEF appointed Fraser as receiver of ABC. Against the wishes of the second security holder, RST, Fraser decided to attempt to trade ABC out of its difficulties. In fact, this only increased the company's liabilities and worsened its financial position. It has become clear that Fraser's actions were motivated primarily by the desire to retain control of ABC's affairs, and to frustrate the possibility of RST enforcing its security, rather than to recover the debt owed to DEF in the most efficient way possible.

You are required, with reference to relevant statute and case law, to discuss the duties Fraser owes as a receiver under the Receiverships Act 1993. In your discussion outline to whom these duties are owed, and whether Fraser has breached any of these duties.