https://www.taxtmi.com/caselaws?id=96881 Promissory notes endorsed and delivered as security for repayment were treated as a pledge because the arrangement provided for transfer by endorsement, the holder's right to realise the notes, and re-transfer on payment of the balance due. The court treated the notes as movable property capable of bailment for security, and held that endorsement alone did not convert the transaction into a mortgage. As a pledge, it fell outside the registration requirement applicable to mortgages other than pledges under the Companies Act, 1913, so the transaction was valid without registration. en-us Thu, 05 Feb 1942 00:00:00 +0630 Wed, 11 Jan 2012 17:57:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96881 Promissory notes endorsed and delivered as security for repayment were treated as a pledge because the arrangement provided for transfer by endorsement, the holder's right to realise the notes, and re-transfer on payment of the balance due. The court treated the notes as movable property capable of bailment for security, and held that endorsement alone did not convert the transaction into a mortgage. As a pledge, it fell outside the registration requirement applicable to mortgages other than pledges under the Companies Act, 1913, so the transaction was valid without registration. Case-Laws Companies Law Thu, 05 Feb 1942 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96881