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Section 585
Deemed to be a mortgage or pledge agreement:

(1) When a person gives a loan to someone and takes a pledge as security for such loan, a contract related to mortgage and when a person commits a work to a person and pledges an item as security for the completion of such work shall be deemed to be a contract related to pledge. Explanation: For the purpose of this section, "item" means any Assets and rights in such assets or any document to maintain rights should also be considered.
(2) If a mortgage is taken while giving a loan, to enter into an agreement related to mortgage or pledge in accordance with sub-section (1) for such loan and its interest and if a pledge is taken to complete any work, other expenses related to such work and the expenses incurred in taking care of the mortgaged or pledged item will end