wadset

/ ˈwɒdˌsɛt /

noun

1. another name for mortgage

verb

1. (tr) to pledge or mortgage

Word History and Origins

Origin of wadset¹

C14: wad, a Scottish variant of _wed + _set ¹ ; compare Old English wedd settan to deposit a pledge

Example Sentences

Wadset, wod′set, n. a mortgage—also Wad′sett.—n.

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For her patrimony, the Earl wadset to Halcro lands, in Widewall, Ronaldsvoe, and in South Ronaldshay, which lands were afterwards redeemed by Patrick Stewart, the Earl’s eldest son, 1598.

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In his earlier years he had been intimate with Donald Campbell of Dungyle, who, although the nominal proprietor of these lands, derived nothing from them, as they were burdened by what is called, in Scottish law-language, a wadset.

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The creditor was a man of influence and fortune; but, like most other Scottish proprietors who were enabled to take advantage of the wadset rights, he was grasping and merciless.

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The estates of Glengyle were pledged, or, as it is called in Scotland, "under a contract of wadset."

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