Bottomry

What is Bottomry?

Bottomry is one of legal terms that means An obsolete bond contract by which a ship owner or master borrowed money in a far-off port of call, for the repair of a ship in exchange for which, he would repay the loan on safe arrival at the ship’s destination, for which the ship stood as collateral but where the lender assumed the risk of the loss of the ship en route.

 

source: www.duhaime.org/LegalDictionary/

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