Wadset

In Scotch law. A right by ■which lands or other heritable subjects are impignorated by the proprietor to his creditor in security of his debt. Like other heritable rights, it is protected by seisin. Wadsets, by the present practice, are commonly made out in the form of mutual contracts, in which one party sells the land, and the other grants the right of reversion. Ersk. Inst. 2. 8. 1. 2. Wadsets are proper where the use of the land shall go for the use of the money; improper where the reverser agrees to make up the deficiency; and where it amounts to more, the surplus profit of the land is applied to the extinction of the principal. Ersk. Inst. 2. 8. 12. 13.

In Scotch Law. The old term for a mortgage. A right by which lauds or other heritable subjects are impignorated by the proprietor to his creditor in security of his debt Like other heritable rights, it is protected by seisin.

In Scots law. A setting or putting to pledge; a disposition

An old Scotch term nearly equivalent to the English " mortgage." The mortgagee was called the wadsetter, and the mortgagor the reverser. The mortgage debt was called the wadset sum. A wadset improper was where the mortgagee entered into possession. See Bell. W^AGE, V. To give a pledge or security for performance of any agreement or duty. See Gage.

a term used in Scotland, by which is meant a right, by which lands, or other heritable subjects, are impignorated by the proprietor to his creditor in security of his debt; and, like other heritable rights, is perfected by seisin. Wadsets, by the present practice, are who is therefore called the common voucher. Vide Cruise, Dig. tit. 36, c. 3, s. 1; 22 Vin. Ab. 26; Dane, Index, h. t. and see Recovery.