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

Noun Inflected Forms

• bottomries
  plural

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Etymology

Origin of bottomry

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

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Example Sentences

See Examples For:

bottomry

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

If the lender has originally advanced the funds on the personal credit of the owner he is not entitled to require a bottomry obligation.

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 E. Alexander (Edward Alexander) Powell

If the ship should deviate from the voyage for which the funds were advanced, her subsequent loss will not discharge the obligation of the borrower under the bottomry contract.

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

They effected insurances, made loans on bottomry, and it has been supposed that their leathern money may have been of the nature of our bank notes.

From History of the Intellectual Development of Europe, Volume I (of 2) Revised Edition by John William Draper

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