bottomry definition

  • noun:
    • An early as a type of maritime contract for which owner of a ship could borrow cash using the ship as collateral.
    • A contract into the nature of a mortgage, where the master of a ship, or the master as their broker, hypothecates and binds the ship (and quite often the accruing cargo) as safety for payment of cash advanced level or lent when it comes to use of the ship, if she terminates the girl voyage effectively. If the ship is lost by perils regarding the sea, the lending company loses the cash; if the ship arrives safe, he could be for the income lent, using the interest or premium stipulated, although it may, and in most cases does, exceed the appropriate interest rate. See hypothecation.
    • In marine law, the act of borrowing money and pledging the bottom of a ship, that is, the ship itself, as protection for its repayment.

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