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Simple English definitions for legal terms
wadset
Read a random definition: common-law-property state
A quick definition of wadset:
Term: WADSET
Definition: In Scottish law, a wadset is a type of mortgage or loan where a property is used as collateral. It can also refer to a pledge or pawn. To wadset means to mortgage or pledge something as security for a loan.
A more thorough explanation:
Definition: In Scots law, wadset refers to a mortgage or a pledge/pawn. It can also be referred to as fiducia in Roman law.
Examples:
- John took out a wadset on his house to secure a loan from the bank.
- Mary gave her necklace as a wadset to the pawn shop in exchange for some quick cash.
The first example illustrates the use of wadset as a mortgage, where John uses his house as collateral for a loan. The second example illustrates the use of wadset as a pledge or pawn, where Mary gives her necklace as collateral for a loan from the pawn shop.