Sc. Now obsolescent. Forms: 5–7 wedset(t, 6–8 wodset(t, 7 waddset, 8 wadsett, 6– wadset. [f. WADSET v.]
1. Sc. Law. ‘The conveyance of land in pledge for, or in satisfaction of, a debt or obligation, with a reserved power to the debtor to recover his lands, on payment or performance’ (Bell). Phr. (to have, lie) in wadset. Cf. MORTGAGE sb.
There are two kinds of wadset, proper and improper (see quot. 1768).
1449. Sc. Acts Jas. II. (1814), II. 35/2. Quha sa has tane or takis landes in wedsett.
1520. Extracts Burgh Rec. Edin. (1869), I. 196. That the aucht over buthis or thair Tolbuith on the north syde be laid in wodsett vpoun the soume of ixc and iijxx frankis vnder ane reuersion. Ibid. (1527–8), 233. The commoun buithis quhilk he hes in wedsett of the guid toun.
1536. Abstr. Protocols Town Clerks Glasgow (1897), IV. 90. The lowsing and rademyng of his place that lyis in wedset to Jhon Gybson of the xl pwnd of monye.
1609. Skene, Reg. Maj., Table 104 b. The saidis profits, and frutes … sall be payed zeirly to him, quha hes the wadset.
1644. Sc. Acts Chas. I. (1819), VI. 143/2. The Lands, Anual-rents, Wodsets, and others holden by them of the saids forfeited persons.
1708. J. Chamberlayne, St. Gt. Brit., II. III. vi. 521. The Scottish Wadsets and Reversions answer to the English Mortgages and Defeazances.
a. 1768. Erskine, Inst. Law Scot., II. viii. § 26. A proper wadset is truly of the nature of a redeemable right of property, and not barely of pledge; by which it is covenanted, that the use of the lands possessed by the wadsetter shall, during the not redemption, go for the use or interest of the money lent by him to the reverser…. An improper wadset is nothing more than a pignus, or right of security; in which the wadsetter is accountable to the reverser for the neat yearly sums which he hath, or might have, received out of the wadset-lands.
1814. Scott, Wav., xlii. There was little time to get the wadset made out.
1873. Burton, Hist. Scot., lvii. V. 193. The poor man asked leave to raise money by ‘wadset’ or mortgage of his estates.
2. A thing pledged.
1796. Burns, ‘Wha will buy my troggin?’ Here’s a little wadset, Buittle’s scrap o’ truth, Pawn’d in a gin-shop Quenching holy drouth.
a. 1800. in Cromek, Rem. Nithsdale Song (1810), 90. Our guidwife coft a snip white coat,… But it’s a wadset i’ the town.
3. attrib. and Comb.
1630. in Inchaffray Reg. (Bannatyne Club), 106. Christiane Murray … wodsett haver of the landis under written.
1665. Caldwell Papers (Maitl. Club), I. 62. Free of any such wadsett ryt.
a. 1728. J. Spottiswoode, Hope’s Minor Practicks (1734), 241. This, for many Years, was the common and ordinary Reason of Reduction of Wadset-rights.
a. 1768. Erskine, Inst. Law Scot., II. viii. § 19. This instrument … subjects the wadsetter to account for the rent of the wadset-lands, from the time the order was used. Ibid., § 28. A back-tack of them [the lands] to the reverser … is made to continue during the not redemption of the wadset, for payment of the interest of the wadset-sum.
