Mootham, C.J. - (1.) This is a reference made to this Court under Section 6l of the Indian Stamp Act by the Chief inspector of Stamps.
(2.) The question is whether a certain promissory-note is chargeable to stamp duty as a bond, The promissory-note reads thus : "On demand I promise to pay at Gonda to the Court of Wards, Utraula, Bilaspur Estate, district Gonda, the sum of Rs. 1,50,000 with interest at 3 per cent. per annum for value received by me on 5-7-'5l." This document, which was duly stamped, as a promissory-note, was signed by the executant and bears the signatures of two witnesses.
(3.) A bond is defined in Section 2(5) of the Stamp Act as including "any instrument attested by a witness and not payable to order or bearer, whereby a person obliges himself to pay money to another." The promissory-note the subject of this reference is attested by a witness and, not being expressed to be payable to order or bearer, prima facie comes within the ambit of this definition. Explanation (J) to Section 13 of the Negotiable Instruments Act, a section which defines a "negotiable instrument," provides however that a promissory-note which is expressed to be payable to a particular person and does not contain words prohibiting transfer Or indicating an intention that it shall not be transferable is payable to order and the question is whether the effect of this explanation is to exclude the promissory-note from being a bond as defined in the Stamp Act. It will, in my opinion, only have that effect it it can be said that the promis sory-note has become an instrument "payable to order;" and I do not think it has.;