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
References in periodicals archive ?
admiralty should have cognizance of bottomry instruments, as maritime
Marine insurance includes insurance against loss or damage to vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, instruments of debts, valuable papers, bottomry, and respondentia interests and all other kinds of property and interests therein, in respect to appertaining to or in connection with any and all risks or perils of navigation, transit or transportation, or while being assembled, packed, crafted, baled, compressed or similarly prepared for shipment or while awaiting shipment, or during any delays, storage, transshipment, or reshipment incident thereto, including war, rebellion and terrorism risks, marine builder's risks and all personal property floater risks, the bill said.
The Phoenicians, the great sailors of the Mediterranean, had what were known as "bottomry," contracts that paid owners of ships and cargo if the ship sank.
insurances, bottomry, and others of a similar nature; the
Later, Greek and Roman merchants used a similar technique known as "bottomry" loans to transfer their risk to moneylenders, by borrowing money with a contractual clause, which annulled the debt if the ship or cargo was lost at sea (Hart, Buchanan, and Howe, 2007).
A System of the Law of Marine Insurances With Three Chapters on Bottomry, on Insurances on Lives, on Insurances on Fire London, J.
(5) Early policies on hull and cargo were in the form of bottomry and respondentia.
At least four thousand years ago in the Code of Hammurabi, one can find evidence of the practice of "bottomry." The bottomry arrangement consisted of the trading ship owner pledging the ship as security for the repayment of money advanced or lent for the journey.