bottomry

bottomry
/botgmriy/
In maritime law, a contract by which the owner of a ship borrows for the use, equipment, or repair of the vessel, and for a definite term, and pledges the ship (or the keel or bottom of the ship, pars pro toto) as security; it being stipulated that if the ship be lost in the specified voyage, or during the limited time, by any of the perils enumerated, the lender shall lose his money. A contract by which a ship or its freightage is hypothecated as security for a loan, which is to be repaid only in case the ship survives a particular risk, voyage, or period. The contract usually in form a bond. When the loan is not made on the ship, but on the goods on board, and which are to be sold or exchanged in the course of the voyage, the borrower's personal responsibility is deemed the principal security for the performance of the contract, which is therefore called "respondentia."
bottomry bond
The instrument embodying the contract or agreement of bottomry. Bond with mortgage of ship as security

Black's law dictionary. . 1990.

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Look at other dictionaries:

  • bottomry — bot·tom·ry / bä təm rē/ n [alteration of earlier bottomary, modification of Dutch bodemerij, from bodem bottom, hull, ship]: a contract under which the owner of a ship pledges the ship as collateral for a loan to finance a journey money lent on… …   Law dictionary

  • bottomry — [bät′əm rē] n. [< BOTTOM, n. 9, after Du bodomerij, bottomry] a contract by which a shipowner borrows money for equipment, repairs, or a voyage, pledging the ship as security …   English World dictionary

  • Bottomry — Bot tom*ry, n. [From 1st {Bottom} in sense 8: cf. D. bodemerij. Cf. {Bummery}.] (Mar. Law) 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… …   The Collaborative International Dictionary of English

  • Bottomry — (engl.), so v.w. Bodmerei …   Pierer's Universal-Lexikon

  • Bottomry — (engl.), s. Bodmerei …   Meyers Großes Konversations-Lexikon

  • Bottomry — A bottomry, or bottomage, is when the master of a ship borrows money upon the bottom or keel of it, so as to forfeit the ship itself to the creditor, if the money is not paid at the time appointed with interest at the ship s safe return.This… …   Wikipedia

  • Bottomry — When the owner of a ship borrows money and uses the ship itself (referring to the ship s bottom or keel) as collateral. If the ship is lost during the course of the voyage then the creditor will lose on the loan; if the ship survives, the lender… …   Investment dictionary

  • bottomry — /botgmriy/ In maritime law, a contract by which the owner of a ship borrows for the use, equipment, or repair of the vessel, and for a definite term, and pledges the ship (or the keel or bottom of the ship, pars pro toto) as security; it being… …   Black's law dictionary

  • Bottomry —    Authority given to a banker to dispose of goods pledged as security against a loan. For example, the pledging of a ship as collateral against emergency loans needed for repairs, with a commitment to repay the loan on safe completion of the… …   Financial and business terms

  • bottomry bond — An instrument which sets forth a contract of bottomry. See bottomry bond …   Ballentine's law dictionary

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