<snip>
> What causes dragging brakes? These drag enough to create an odor, so it's
> worrisome.
<snip>

The two things that come to mind are, 1.  pistons in the calipers are
sticking, and 2.  the fluid return hole in the master cylinder is blocked
thereby holding hydraulic pressure in the line.

It's more likely your calipers need replacing or rebuilding.

Mike
Houlton, Maine
'84 GL 7 pass
'85 GL Westy