bottomry

bottomry

[bot-uhm-ree]
noun, plural bottomries. Marine Law.
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:
1615–25; modeled on Dutch bodemerij, equivalent to bodem bottom + -erij -ry

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World English Dictionary
bottomry (ˈbɒtəmrɪ)
 
n , pl -ries
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
 
[C16: from Dutch bodemerij, from bodembottom (hull of a ship) + -erij-ry]

Collins English Dictionary - Complete & Unabridged 10th Edition
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Encyclopedia Britannica
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bottomry

a maritime contract (now almost obsolete) by which the owner of a ship borrows money for equipping or repairing the vessel and, for a definite term, pledges the ship as security-it being stipulated that if the ship be lost in the specified voyage or period, by any of the perils enumerated, the lender shall lose his money. A similar contract creating a security interest in the cargo is called a respondentia.

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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