bottomry

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bottomry

(ˈbɒtəmrɪ)
n, pl -ries
(Law) maritime law a contract whereby the owner of a ship borrows money to enable the vessel to complete the voyage and pledges the ship as security for the loan
[C16: from Dutch bodemerij, from bodem bottom (hull of a ship) + -erij -ry]

bottomry

the pledging of a ship as security for a loan; if the ship is lost the debt is canceled.
See also: Ships