- 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.
Origin of bottomry
Examples from the Web for bottomry
Historical Examples of bottomry
The bottomry contract in Denmark, Sweden, and the north of Germany.The Sailor's Word-Book
William Henry Smyth
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.
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.
- 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