BOTTOMRY
Etymology
Noun
bottomry (plural bottomries)
(nautical) An early form of maritime contract in which owner of a ship could borrow money using the ship as collateral.
Source: Wiktionary
Bot"tom*ry, n. Etym: [From 1st Bottom in sense 8: cf.D. bodemerij. Cf. Bummery.] (Mar.Law)
Definition: 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.
Source: Webster’s Unabridged Dictionary 1913 Edition
Word of the Day
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LEAVE
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