Outlaw after drop of overpriced port (4)
I believe the answer is:
oban
'port' is the definition.
(Oban is a Scottish port)
'outlaw after drop of overpriced' is the wordplay.
'outlaw' becomes 'ban' (banning is a kind of outlawing).
'after' means one lot of letters go next to another.
'drop of' indicates taking the first letters (the smallest possible amount of the word).
The first letter of 'overpriced' is 'o'.
'ban' put after 'o' is 'OBAN'.
(Other definitions for oban that I've seen before include "Scottish port and resort" , "Argyll seaport" , "small Scottish port" , "Scottish west coast fishing and ferry port" , "Argyll and Bute resort" .)