CHANDRAKANTARAJ, J.

( 1 ) THIS matter has come before us by way of the reference made by the Chief Controlling revenue Authority in Karnataka under section 54 (1) of the Karnataka Stamp Act, 1957, (hereinafter referred to as the Act) for adjudication as to whether the instrument in question is an 'instrument of trust' as claimed by the author of the trust, viz. , the State Bank of Mysore, a subsidiary of the State Bank of india (hereinafter referred to as the Bank) or it is "deed of mortgage" as claimed by the revenue (State) and if not either what is the instrument on a correct interpretation of its contents and chargeable under which entry in the Schedule to the Act?

( 2 ) WE may at the out set state, if the instrument is but a trust deed, it is chargeable to stamp duty under the Act at rs. 90/- under Article 54 (A) in the Schedule to the Act and at the rate specified in Art. 34 of the Schedule to the Act on the market value of the properties secured (which is rs. 125 lakhs) if it is a deed of mortgage and duty payable will be 10 per cent of the market value of the properties together with such surcharge as may be payable to the local authority as if it is a deed of conveyance.

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