As nouns the difference between mortgage and wadset
is that mortgage is a special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered while wadset is the conveyance of land in pledge for a debt; a mortgage.
As verbs the difference between mortgage and wadset
is that mortgage is to borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan while wadset is to mortgage land.
mortgage
English
Noun
(
en noun)
(legal) A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered.
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(obsolete) State of being pledged.
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Derived terms
* anaconda mortgage
Verb
(
mortgag)
(legal) To borrow against a property, to obtain a loan for another purpose by giving away the right of seizure to the lender over a fixed property such as a house or piece of land; to pledge a property in order to get a loan.
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(figurative) To pledge and make liable; to make subject to obligation; to achieve an immediate result by paying for it in the long term.
*
*
Related terms
* mortgagee
* mortgager
wadset
English
Noun
(
en noun)
(obsolete, Scotland) The conveyance of land in pledge for a debt; a mortgage
Verb
(wadsett)
(obsolete, Scotland) To mortgage land
See also
* wadsetter
Anagrams
*