I have often heard this song called Molly Bond in Nova Scotia. It seems that I recall an American recording using this title.
It would seem that "Ban" , the Gaelic word for "fair" was corrupted to "Bond" or "Bawn". The only problem is that the adjective of a fem. noun in Gaelic would be aspirated to "bh" (V) sound. Molly Van or Molly Von. Loch Righ (ree) is Gaelic for Kings Lake.
             Sandy