browse words by letter
a b c d e f g h i j k l m n o p q r s t u v w x y z
bottomry


bottomry


  1  definition  found 
 
  From  Webster's  Revised  Unabridged  Dictionary  (1913)  [web1913]: 
 
  Bottomry  \Bot"tom*ry\,  n.  [From  1st  {Bottom}  in  sense  8:  cf.D. 
  bodemerij  Cf  {Bummery}.]  (Mar.Law) 
  A  contract  in  the  nature  of  a  mortgage,  by  which  the  owner  of 
  a  ship,  or  the  master  as  his  agent,  hypothecates  and  binds 
  the  ship  (and  sometimes  the  accruing  freight)  as  security  for 
  the  repayment  of  money  advanced  or  lent  for  the  use  of  the 
  ship,  if  she  terminates  her  voyage  successfully.  If  the  ship 
  is  lost  by  perils  of  the  sea,  the  lender  loses  the  money;  but 
  if  the  ship  arrives  safe,  he  is  to  receive  the  money  lent, 
  with  the  interest  or  premium  stipulated,  although  it  may  and 
  usually  does  exceed  the  legal  rate  of  interest.  See 
  {Hypothecation}.