JUDGMENT - Chagla, C.J.

1. The question that arises on this reference is whether a document dated 23-8-1951, is a mortgage on which duty is leviable under Article 40 (b), Stamp Act, or is an agreement relating to the deposit of title deeds. The document mentions that the sum advanced is Rs. 75,000 and it is repayable on 23-8-1053.

Then Clause (2) contains various covenants by the mortgagor. Sub-clause (a) deals with the payment of interest. Sub-clause (b) deals with payment of costs, charges and expenses between attorney and client. Sub-clause (c) deals with the payment of compound interest. Sub-clause (d) deals with the obligation of the mortgagor to execute a first legal mortgage. Sub-clause (e) deals with the payment of insurance. Sub-clause (f) provides for giving of a notice by the mortgagor on his failure to pay the amount on the due date. Then Clause (3) deals with acceleration of the due date when any of the contingencies mentioned in that clause arise.

The question is whether looking to these various provisions in this document it can be considered to be an agreement for the deposit of title deeds.

2. Now, under the Indian Stamp Act "mortgage-deed" is defined in Section 2(17).

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