|
|
Definition of Bottomry
1. n. A contract in the nature of a mortgage, by which the owner of a ship, or the master as his agent, hypothecates and binds the ship (and sometimes the accruing freight) as security for the repayment of money advanced or lent for the use of the ship, if she terminates her voyage successfully. If the ship is lost by perils of the sea, the lender loses the money; but if the ship arrives safe, he is to receive the money lent, with the interest or premium stipulated, although it may, and usually does, exceed the legal rate of interest. See Hypothecation.
Definition of Bottomry
1. Noun. (nautical) An early form of maritime contract in which money could be borrowed by the owner of a ship using the ship as collateral. ¹
¹ Source: wiktionary.com
Definition of Bottomry
1. a maritime contract [n -RIES]
Lexicographical Neighbors of Bottomry
Literary usage of Bottomry
Below you will find example usage of this term as found in modern and/or classical literature:
1. United States Supreme Court Reports by Lawyers Co-operative Publishing Company, United States Supreme Court (1885)
"of the bottomry bond to themselves, and adjusted the business of a ship, collecting
the freights, genera! average and Insurance and making the necessary ..."
2. Commentaries on American Law by James Kent (1866)
"The perils which the lender on bottomry runs, are usually specified in the ...
By the general marine law, the lender on bottomry is entitled to be paid out ..."
3. The Encyclopaedia Britannica: A Dictionary of Arts, Sciences, and General by Thomas Spencer Baynes (1888)
"The bottomry lender must use reasonable diligence to ascertain that a real
necessity exists for the loan ; but ho is not bound to see to the application of ..."
4. The Merchants' Magazine and Commercial Review by Isaac Smith Homans, William Buck Dana (1844)
"Hogan '& Milne appeared in the bottomry suit ; and, under the assignment, and
also under a claim upon the bills. claimed the balance of the Montevideo ..."
5. A Treatise on the Law of Personal Property by James Schouler (1896)
"Hypothecation of a Ship; bottomry and Respondents Bonds. — But loans on the
security of ships and vessels are most commonly effected by means of a bottomry ..."
6. Merchants' Magazine and Commercial Review by William B. Dana (1844)
"'s hands to the payment of the bottomry. The freight was attached ; and, by motion
and ... That Trott was master and owner, at the dote of the bottomry, ..."
Other Resources:
