About The Word Bottomry
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Bottomry
| Bottomry Definition And Meaning |
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What's The Definition Of Bottomry?Synonyms | Synonyms for Bottomry: Related Terms | Find terms related to Bottomry: See Also | Bottomry In Webster's Dictionary \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 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}.
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