https://www.taxtmi.com/caselaws?id=101609 An instrument executed by a bank as debenture-trustee was held not to be a deed of mortgage because it was not executed by the property owner and did not itself create a mortgage or transfer any interest in the underlying properties. It was also not a bond, as the trustee did not undertake to pay from its own funds but only to apply monies realised on enforcement of the securities. Read as a whole, the document created a trust over the securities for the benefit of debenture-holders, with the bank holding the securities and enforcement proceeds on trust subject to the stated priorities. The remuneration and reimbursement clauses did not change its essential character. It was therefore chargeable as an instrument of trust under Article 54A of the Karnataka Stamp Act, 1957. en-us Mon, 17 Aug 1987 00:00:00 +0530 Fri, 10 Feb 2012 13:33:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101609 An instrument executed by a bank as debenture-trustee was held not to be a deed of mortgage because it was not executed by the property owner and did not itself create a mortgage or transfer any interest in the underlying properties. It was also not a bond, as the trustee did not undertake to pay from its own funds but only to apply monies realised on enforcement of the securities. Read as a whole, the document created a trust over the securities for the benefit of debenture-holders, with the bank holding the securities and enforcement proceeds on trust subject to the stated priorities. The remuneration and reimbursement clauses did not change its essential character. It was therefore chargeable as an instrument of trust under Article 54A of the Karnataka Stamp Act, 1957. Case-Laws Companies Law Mon, 17 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101609