Loans of this character have ever since been common in maritime lands, under the name of bottomry and respondentia bonds.
The rate of interest was high, usually 12%; and in trading and bottomry the returns were much higher.
A bottomry bond gives no remedy to the lenders against the owners of the ship or cargo personally.
Would you have men oratorical over a bottomry bond, Demosthenic about an action of trespass on the case, or a rule to compute?
Amongst these in all cases are found claims for salvage, wages, bottomry under certain restrictions, and necessaries.
Money advanced on bottomry is not liable in England for general average losses.
The bottomry contract in Denmark, Sweden, and the north of Germany.