HERITABLE SECURITIES

HERITABLE SECURITIES, the name given in the law of Scotland to what are called mortgages and charges on land in England. These were formerly distinguished into wadset, infettment of annual rent, heritable bond, bond and disposition in security, and absolute disposition with back-bond, and also reserved burdens on land. By the constitution of a heritable security the debt secured becomes a burden on the land, entitling the creditor to appropriate the rents until the debt is paid. This right of the creditor remains entire against the land, no matter into whose hands it passes, and without affecting or being affected by the feudal titles, which confer and transmit the radical right to the land. In Scotland the principal heritable security is now called the bond and disposition in security, which consists of an obligation to pay the debt, and a disposition to the creditor, by way of security till the debt is paid. The bond must be registered in the Register of Sasines to complete the creditor's title, and it is assignable to a third party. A power is always given to the creditor to sell the estate if the principal or interest is not paid, in which case the creditor must account for the surplus after paying himself his debt.