bottomry
An early form of maritime contract in which the owner of a ship could borrow money using the ship as collateral.
Noun
- An early form of maritime contract in which the owner of a ship could borrow money using the ship as collateral.
- Section 10 states that, ‘The lender of money on bottomry and respondentia has an insurable interest in respect of the loan’. A lender on ‘bottomry’ is, as its name suggests, a person who advances money to a shipowner on...
- 1999 [1880], John Bouvier, Daniel A. Gleason, Institutes of American Law, Volume 1, New Edition, page 309, There is much resemblance between bottomry and insurance. In one, the lender takes the risks, and in the other,...
- 25. The supercargo Colin Campbell, for example, mentioned in 1732 that the first Dutch supercargo Schultz was secretly investing in the bottomry market. - 2005, Paul Arthur Van Dyke, The Canton Trade: Life And...
Origin
From bottom + -ry; see bottom (“hull”).