NATESAN, J. :- This is a reference under Section 57 of the Indian Stamp Act, and, the question referred to us is whether the instrument under consideration amounts to a mortgage falling under Article 40 of Schedule I of the Stamp Act, as well as a bond falling under Art. 15 and a pledge falling under Art. 6.

2. It is seen, on a perusal of the instrument, that with reference to an anterior contract, under which the second party to the instrument had advanced a sum of Rs. 40,000, for the production and completion of talkie picture "Kannadi Maligai," on the contract failing, the instrument in question styled deed of agreement came into existence. As per this document the first party agreed to repay to the second party the said sum of Rupees 40,000 with interest, under the terms and conditions set out in the document. The material parts of the document, with which we are now concerned, are found in Cl. 4 and Cl. 7. Clause 4 provides for the payment of Rs. 10,000, on the date of signing of the agreement and the issue of two post-dated cheques, each for Rs. 5000. The balance of Rs. 20,000 it is provided, will be a second charge on the distribution rights of the film under produc