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BOTTOMRY BOND Definition & Legal Meaning

Definition & Citations:

The instrument embodying the contract or agreement of bottomry. The true definition of a bottomry bond, in the sense of the general maritime law, and independent of the peculiar regulations of the positive codes of different commercial nations, is that it is a contract for a loan of money on the bottom of the ship, at an extraordinary interest, upon maritime risks, to be borne by l he lender for a vovage. or for a definite period. The Draco, 2 Sumn. 157, Fed. Cas. No. 4,057; Cole v. White. 26 Wend. (N. Y.) 515; Greely v Smith, 10 Fed. Cas. 1077; The Grapeshot, 9 Wall. 135, 19 L. Ed. 651.

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