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Scotland (Counties as in 1851-1901) => Scotland => Topic started by: ceccharlton on Thursday 25 December 25 11:39 GMT (UK)
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I am investigating the administration of a Scottish will made in 1855, and have a question relating to the value of assets disposed of in accordance with instructions contained in the will. When checking the sasine records regarding these disposals the term "get bond and disposition" for a certain sum of money is seen. Does the "bond" refer to the full amount paid by the purchaser or can it be security over an outstanding sum if a purchaser relies on a loan to fulfill the contract? Could this be explained in modern terminology by a mortgage being held over a property where vendor or bank finance is involved?
Thank you for any help.
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In your case, a “bond and disposition in security” means security for an unpaid balance, not the full price.
It was the pre‑1970 Scottish equivalent of a mortgage:
- The buyer owned the property
- The creditor held a real security for a fixed debt*
*Usually, purchase money was borrowed from the seller or a lender.