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.
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.
Wadsets are proper or improper. 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.
WADSETTER - Scotch law. A creditor
to whom a wadset is made.
