bottomry

American  

[bot-uhm-ree] / ˈbɒt əm ri /

noun

Marine Law.

bottomries plural

1. a contract, of the nature of a mortgage, by which the owner of a ship borrows money to make a voyage, pledging the ship as security.

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bottomry British  

/ ˈbɒtəmrɪ /

noun

1. 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

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Other Word Forms

Inflected Forms

noun

• bottomries
  plural

Etymology

Origin of bottomry

1615–25; modeled on Dutch bodemerij, equivalent to bodem bottom + -erij -ry

Example Sentences

It includes numerous clauses devoted to the topic of "bottomry", a kind of maritime insurance bundled together with a business loan.

From BBC • Mar. 19, 2017

Any bottomry or respondentia bond may be good in part or bad in part, according as the master may have acted within or beyond the scope of his legitimate authority in granting it.

From Encyclopaedia Britannica, 11th Edition, Volume 4, Slice 3 "Borgia, Lucrezia" to "Bradford, John" by Various

Though his talk was of cargoes and bottomry and tonnage, his thoughts were far away, on those distant seaboards of the world where history was in the making.

From Gentlemen Rovers by Powell, E. Alexander (Edward Alexander)

It is usually effected by a bottomry bond.

From The Gutenberg Webster's Unabridged Dictionary Section F, G and H by Project Gutenberg

According to the law of England, a bottomry contract remains in force so long as the ship exists in the form of a ship, whatever amount of damage she may have sustained.

From Encyclopaedia Britannica, 11th Edition, Volume 4, Slice 3 "Borgia, Lucrezia" to "Bradford, John" by Various