bottomry


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bottomry

(ˈbɒtəmrɪ)
n, pl -ries
(Law) 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 bodem bottom (hull of a ship) + -erij -ry]
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

bottomry

the pledging of a ship as security for a loan; if the ship is lost the debt is canceled.
See also: Ships
-Ologies & -Isms. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
admiralty should have cognizance of bottomry instruments, as maritime
Marine insurance includes insurance against loss or damage to vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, instruments of debts, valuable papers, bottomry, and respondentia interests and all other kinds of property and interests therein, in respect to appertaining to or in connection with any and all risks or perils of navigation, transit or transportation, or while being assembled, packed, crafted, baled, compressed or similarly prepared for shipment or while awaiting shipment, or during any delays, storage, transshipment, or reshipment incident thereto, including war, rebellion and terrorism risks, marine builder's risks and all personal property floater risks, the bill said.
The Phoenicians, the great sailors of the Mediterranean, had what were known as "bottomry," contracts that paid owners of ships and cargo if the ship sank.
insurances, bottomry, and others of a similar nature; the
Later, Greek and Roman merchants used a similar technique known as "bottomry" loans to transfer their risk to moneylenders, by borrowing money with a contractual clause, which annulled the debt if the ship or cargo was lost at sea (Hart, Buchanan, and Howe, 2007).
(5) Early policies on hull and cargo were in the form of bottomry and respondentia.
At least four thousand years ago in the Code of Hammurabi, one can find evidence of the practice of "bottomry." The bottomry arrangement consisted of the trading ship owner pledging the ship as security for the repayment of money advanced or lent for the journey.