This case was about a “wadset,” an arrangement in which a debtor conveyed property to a creditor as security for a debt. The facts of the case were somewhat unusual in that the same debt was secured partly by a wadset and partly by an annual-rent. Interest rates had dropped considerably since the wadset was established in 1615; Pursuer Thomas Buchanan argued that in light of this changed circumstance, the annual-rent represented a full security, and the wadset should be considered “improper.” (The parties' immediate predecessors are listed on this case page; more detailed chains of title are described in the case documents.)
Documents in this case (2)
People involved
- Thomas Buchanan, 7th of Boquhan — Pursuer
- John Adam — Defender
- Sir Ilay Campbell, Lord Succoth, 1st Baronet of Succoth — Advocate for Pursuer
- John MacLaurin, Lord Dreghorn — Advocate for Defender
- Sir David Dalrymple, Lord Hailes, 3rd Baronet of Nova Scotia — Lord Ordinary
- John Campbell, Lord Stonefield — Lord Ordinary
- John Lennox, of Branshogle — Named in case documents
- James Adam — Named in case documents
- Thomas Adam — Named in case documents
- Walter Buchanan, 5th of Boquhan and Branshogle — Named in case documents
- John Graham, 4th of Douglaston — Named in case documents
Places
This case was about a “wadset,” an arrangement in which a debtor conveyed property to a creditor as security for a debt. The facts of the case were somewhat unusual in that the same debt was secured partly by a wadset and partly by an annual-rent. Interest rates had dropped considerably since the wadset was established in 1615; Pursuer Thomas Buchanan argued that in light of this changed circumstance, the annual-rent represented a full security, and the wadset should be considered “improper.” (The parties' immediate predecessors are listed on this case page; more detailed chains of title are described in the case documents.)
