security, I consider it necessary to give an example of the wadset, and of the deeds by which the proprietor is reinvested in his estate. This I shall do under these three heads, viz. 1st, The constitution of the wadset ; 2d, Its transmission; and, 3d, Its extinction. I shall then proceed to the modern heritable security.

SECT. I. OF THE WADSET RIGHT.

1. Of the Constitution of the Wadset Right.

It is agreed by our law writers, and proved by the forms of old deeds, that originally the wadset was constituted by charter and sasine; The charter, containing a clause of reversion, on payment of the money, at a certain time and place. From this clause, the borrower was called the reverser, and the creditor was called the wadsetter.

We learn from the act 1469, c. 28, that in place of containing a clause of reversion, wadsets had assumed the appearance of absolute rights, while the right of reversion was consti tuted by a separate writing. The purpose of this act was to preserve the right of the re

verser, who, by those absolute rights, had been exposed to the acts of the wadsetter. But, in this attempt, the interest of purchasers was entirely overlooked, and a sale made by a person apparently absolute proprietor, might have been reduced by the real proprietor on the production of a latent deed of reversion. Dangerous as this was to the purchaser, and consequently hurtful to the seller, it remained unredressed until the establishment of the records by the statute 1617, c. 16, when effect was denied to the reversion, as well as to the bond to make reversions, unless they were duly recorded in terms of that act.

This deed now assumed the form of a contract, to which the wadsetter and reverser were parties. The reverser alienated the lands for the sum borrowed, and the wadsetter granted a right of reversion on repayment of that sum; and each party held a copy of the deed. While matters remained in this situation, the reverser, (that is, the proprietor of the estate), might have redeemed the wadset; but the wadsetter had no means by which he might be enabled to quit his possession, and recover his money. To remedy this, a clause of requisition was introduced, by which the parties were put on an equal footing; for, as the debtor was formerly

enabled to redeem his estate by the clause of reversion, the creditor was now enabled to recover his money by the clause of requisition. And this brings us down to that form of the deed which I am to give.

I must remark, however, that there was a distinction of wadsets into proper and improper. The proper wadset, which was the original form of the deed, created a complete exchange during the time the estate remained unredeemed. Until that took place, the estate was understood to be a full compensation for the sum borrowed, whatever difference there might have been betwixt the produce of the estate and the interest of the money. On the other hand, in the improper wadset, the creditor, the moment that his right was constituted, returned it to the proprietor on a lease for the precise interest of the money, in name of tackduty; and amongst other usurious devices, we learn from the act 1597, c. 247, that it was customary, in the improper wadset, to cover the stipulation for a higher interest by taking a tack-duty in victual.

I am now to give the form of the wadset after it had become a mutual contract betwixt debtor and creditor, containing a clause of requisition as well as a clause of reversion.

1. The Proper Wadset.

IT is CONTRACTED and AGREED betwixt A, heritable proprietor of the lands after mentioned, ON THE ONE PART, and B, ON THE OTHER PART, in manner following: THAT is to SAY, the said A, IN CONSIDERATION of the sum of L. paid to him by the said B., whereof he acknowledges the receipt, renouncing all exceptions to the contrary, HAS SOLd, wadsetted, and DISPONED, as he hereby SELLS, ALIENATES, WADSETS and DISPONES, to and in favour of the said B, and his heirs and assignees whomsoever, heritably, BUT REDEEMABLE ALWAYS, and under REVERSION, in terms of the clause of redemption after specified, ALL and WHOLE-(here the lands are described as in the title-deeds)-together with all right, title, interest, claim of right, property and possession, which the said A, his predecessors and authors, had, have, or any ways may have, claim, or pretend to the said lands and others foresaid, during the not-redemption thereof: IN WHICH LANDS and others, the said A BINDS and OBLIGES himself, and his foresaids, to infeft and seise the said B and his foresaids, and that by two infeftments and manners of holding; the one thereof to be held of the said A and his foresaids, in free blench, for payment of a penny Scots on the ground of the

said lands, at the term of Whitsunday yearly, if asked only, and relieving the said A and his foresaids of the duties and services payable therefor to their superiors; and the other of the said infeftments to be held from him and his foresaids, of their immediate lawful superiors thereof, by the same tenure, for performance of the same services, and as freely in all respects as the said A holds or might hold the same himself, and that either by resignation or confirmation, or by both, the one without prejudice to the other: And for completing the said infeftment by resignation, the said A hereby MAKES and CONSTITUTES

jointly and severally, his irrevocable procurators, for him, and in his name, TO COMPEAR before his immediate superiors of the said lands, or their commissioners in their names, having power to receive resignations, and thereupon to grant new infeftments, AND THERE, duly and lawfully, by staff and batton, as use is, TO RESIGN and SURRENDER, as he, by these presents, RESIGNS, SURRENDERS, UP. GIVES, OVERGIVES and DELIVERS, ALL and WHOLE the said lands and others, lying and described in manner foresaid, and here held as repeated; together with all right, title, interest, claim of right, property and possession, petitory or possessory, which he, his predecessors or authors, heirs and successors, had, have, or any ways may claim or pretend thereto; IN THE HANDS