Wadset
Black's Law Dictionary · Henry Campbell Black, M.A. · 1910
Black's Law Dictionary
In Scotch law
The old term for a mortgage. A right by which lands or other heritable subjects are impignorated by the proprietor to his creditor in security of his debt. Wadsets are usually drawn in the form of mutual contracte, in which one party sells the land, and the other grants the right of reversion.
Ersk. Inst. 2, 8, 3.