bottomry

American  

[bot-uhm-ree] / ˈbɒt əm ri /

noun

Marine Law.

PLURAL

bottomries

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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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

High rate of interest in gross adventure trade and bottomry contracts, frequently 30 and even 50 per cent.; in ancient Athens, for a simple voyage to the Black Sea, 36 per cent., while the rate of interest customary in the country was only from 12 to 18 per cent.; the interest paid by rented houses only 8-1/7, and by land leases only 8 per cent.

From Project Gutenberg

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 Project Gutenberg

A lender on bottomry had benefit of salvage.

From Project Gutenberg

"I shall be fretful and anxious till I hear from you about T. B., but I go off to-morrow to Spezzia, and not to be back till Wednesday the 18th,—all Consular, all Bottomry, all Official for eight mortal days, but "Of course I must show to the office 'I'm here,' And draw with good conscience two hundred a-year.

From Project Gutenberg