Probably named after Major Edmund Halbert Elliot R.A. 1897 who was second in command to Kitchener and distinguished himself in the Zulu wars. Need to check for a local dignitary that it could be.
The surname Eliott is believed to derive from the village of Eliot in Angus although the Old English form of Elwold also appears in Scotland. Little is known of the early history of Clan Eliott because few records survive. This could be because Stobs Castle where clan records were kept was burned down in 1712.
Legend has it that the extra “t” in Eliott arose when a branch of the Eliotts adopted Christianity. The “t” was in reality meant to be a cross. The differences in spelling can be distinguished in this rhyme:
The double L and single T / Descent from Minto and Wolflee, / The double T and single L / Mark the old race in Stobs that dwell. / The single L and single T / The Eliots of St Germans be, / But double T and double L, / Who they are nobody can tell.