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Scottish National Dictionary (1700–)

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First published 1976 (SND Vol. X).
This entry has not been updated since then but may contain minor corrections and revisions.

WADSET, v., n. Also -sett, wedset; wo(e)dset(t). See P.L.D. §§ 27.1, 56. [′wɑdsɛt]

I. v. Pa.t. -set, pa.p. -set(ted). To give or pledge in security, specif. in Sc. Law, to mortgage (land or other heritable property) by conveying it to a creditor who then undertook to reconvey it on repayment of the price, meanwhile drawing the rents as interest on the money lent, to sell land with a conditional right of redemption (Sc. 1808 Jam.). Now only hist.Sc. 1703 Chrons. Atholl and Tullibardine Families II. 16:
The most of the Barrony being wodsett alreaddy, itt wold stand your Grace readdie mony.Bnff. 1729 Abd. Jnl. N. & Q. I. 44:
The annuity payable be him forth his wodsett lands of Ricletich cropt.Sc. 1760 Morison Decisions 8740:
Sir James, upon the 24th March 1758, entered into a contract of wadset with Lauchlan Grant whereby he wadsetted to him the lands of Drumphad.Dmf. 1822 A. Cunningham Trad. Tales II. 307:
He'll be come to borrow gold and to wadset land.Sc. 1859 Thanes of Cawdor (S.C.) 420:
Budgate was wadset to Mr. William Dallas for 10,000 marks.Abd. 1900 C. Murray Hamewith 72:
Ye startit a war, an' to raise a loan Showed a spen'thrift King to wadset's throne.

Deriv. wadsetter, one who holds property in wadset, having granted reversion rights to the borrower, the creditor in a mortgage agreement (Sc. 1808 Jam.), the debtor being the reverser (see Reversion); rarely and erron. applied to the debtor in 1864 quot.Abd. 1703 Trans. Bch. Field Club X. 170:
James Dunbar, wedsetter in Mill of Rathen within the paroch.Inv. 1720 Session Rec. Inv. (Mitchell 1902) 120:
Heritors, Wodsetters, Lyfrenters, and Elders . . . proceeded to the Election of a Minister.Sc. 1754 Erskine Principles ii. viii. § 6:
If the reverser would redeem his lands, he must use an order of redemption against the wadsetter.Sc. 1814 Scott Waverley xx.:
Wadsetters and tacksmen, as they were called, who occupied portions of his estate as mortgagers or lessees.Sc. 1864 Sc. Jurist (9 Dec.) 108:
The right of property in the lands remained with the wadsetter, subject to the burden of the wadset.Sc. 1896 W. K. Morton Manual 147:
A common device was for the wadsetter (now proprietor infeft in the lands) to grant to the reverser a lease of them for a rent equal to the interest upon the sum lent.Per. 1938 W. A. Gillies In Famed Breadalbane 84:
In Glenlochay in the 15th century there were no fewer than 24 wadsetters of that name.

II. n. 1. Sc. Law: a mortgage of property (Sc. 1782 J. Sinclair Ob. Sc. Dial. 224, 1808 Jam.). Also attrib. (see quots.). Phrs. to have or hold in, on, or under wadset. Obs. exc. hist. A proper wadset allowed the creditor to take whatever income derived from the property as interest; in an improper wadset he was entitled to a fixed sum only, any deficiency of income being added to the debt and any surplus discounted from the principal to be repaid.Sc. 1708 J. Chamberlayne State Gt. Britain 521:
The Scottish Wadsets and Reversions answer to the English Mortgages and Defeasances.Inv. 1721 Steuart Letter Bk. (S.H.S.) 168:
John McBain in Alnaskiach has wadset right of 500 Mks. on Wester Craggie.Sc. 1737 Invercauld Rec. (S.C.) 56:
Decreet of Declarator of Redemption of the Wadset above noted.Sc. 1773 Erskine Institute ii. viii. §§ 26, 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.Sc. 1792 R. Ferguson Reform of Counties 11:
A wadset voter is a person who has paid the proprietor of a superiority a certain sum (however small), for the interest of which he receives the yearly feu-duties.Sc. 1816 Scott Black Dwarf viii.:
I wad blithely gie you a bond for some o' the siller, or a wadset ower the lands o' Wideopen.Slk. 1835 Hogg Tales (1874) 711:
Under wadsets that he could not redeem.Sc. 1838 W. Bell Dict. Law Scot. 1030:
The provision of a determinate rent in corn, or of redemption on payment of the principal and interest, makes a wadset improper; but a proper wadset may contain an obligation of relief from public burdens in the wadsetter's favour.n.Sc. 1840 D. Sage Memorabilia (1889) 37:
They held farms on leases, or on wadset, that is until the proprietor redeemed the land by paying up a sum advanced on mortgage.Arg. 1914 N. Munro New Road viii.:
His den was in a strath of Knoydart, where he had a wadset from Glengarry who was cousin germain to him.Sc. 1930 I. F. Grant Social & Econ. Development 178:
It was a very common method of raising money among the landed gentry, and wadsets were often given to younger sons.

2. In gen., a pledge, a thing pledged. Also transf., of a person.Ayr. 1796 Burns Election Ball. No. 4 v.:
Here's a little wadset, Buittle's scrap o' truth, Pawn'd in a gin-shop.Kcb. 1810 R. Cromek Remains 82:
I'd make a wadset o' an aith To feast the parishen, Jo!