What is WADSET?

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 contracts, in which one parly sells the land, and the other grants the right of reversion. Ersk. Inst. 2, 8, 3.

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