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Wadset |
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In Scotland, the ancient term for a mortgage. A right by which lands or other property are pledged by their owner to a creditor in security for a debt, usually in the form of a mutual contract, in which one party sells the land and the other grants the right of reversion. WADSET, Scotch law. 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.
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The reader is aided by Sanderson's inclusion of five pages of Scottish technical works and legal terms such as faill, feu-ferm, meit, mutchtin, nolt, sheiling, skaith, spens, steikit, wadset, etc. |
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