An insurance contract that accepts a ship or its cargo as collateral for a loan funding a maritime voyage. In the event the ship is lost, the loan is cancelled, and the borrower is not obligated to repay the lender.
Related information about bottomry:
- Bottomry - Wikipedia, the free encyclopedia
A bottomry, or bottomage, is an arrangement in which the master of a ship borrows money upon the bottom or keel of it, so as to forfeit the ship itself to the ...
- Bottomry - Legal Dictionary - The Free Dictionary
A contract, in maritime law, by which money is borrowed for a specified term by the owner of a ship for its use, equipment, or repair for which the ship is pledged ...
- Bottomry Definition | Investopedia
When the owner of a ship borrows money and uses the ship itself (referring to the ship's bottom or keel) as collateral. If the ship is lost during the course of the ...
- Bottomry | Define Bottomry at Dictionary.com
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. Relevant Questions ...
- "Bottomry" Defined
BOTTOMRY. Maritime Law. A contract in nature of a mortgage of a ship on which the owner borrows money to enable him to fit out the ship, or to purchase a ...
- What is bottomry? definition and meaning
Definition of bottomry: Arrangement in which a ship's keel (hence the ship structure), but not its cargo, was pledged as the security for a loan. It was based on the ...
- What is BOTTOMRY BOND? - The Law Dictionary
Definition of BOTTOMRY BOND: The instrument embodying the contract or ... The true definition of a bottomry bond, in the sense of the general maritime law, ...
- Bottomry - Merriam-Webster Online
a contract in the nature of a mortgage by which either the owner of a ship or the master as his agent hypothecates and binds the ship and sometimes the ...