W

n. (Scots Law) A kind of pledge or mortgage. A pledge or pawn. 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 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 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 ...