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If we desire respect for the law, we must first make the law respectable.
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Legal Definitions - wadset
The end of law is not to abolish or restrain, but to preserve and enlarge freedom.
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Definition of wadset
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.
You win some, you lose some, and some you just bill by the hour.
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Simple Definition
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.
Ethics is knowing the difference between what you have a right to do and what is right to do.
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