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 ?
insurances, bottomry, and others of a similar nature; the
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.
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.
Bottomry, as it's called, was very risky, so to reduce his risk Cato sought out many partners and invested his profits in land, preferring land offering natural resources like minerals, timber, fish ponds, and pasturage--assets that could not be "ruined by Jupiter," as crops and ships could be.