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 • Mar. 19, 2017

Money advanced on bottomry is not liable in England for general average losses.

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

It is usually effected by a bottomry bond.

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

A large proportion of this property belongs to the convents in Manila, whose great revenues not only enable them to engage in extensive mercantile operations, but to lend considerable sums to the merchants on bottomry.

From The Former Philippines thru Foreign Eyes by Craig, Austin

A scrivener who lived at Wapping, and whose trade was to furnish the seafaring men there with money at high interest, had some time before lent a sum on bottomry.

From The History of England, from the Accession of James II — Volume 2 by Macaulay, Thomas Babington Macaulay, Baron