In maritime law. A contract in the nature of a mortgage, by which the owner of a ship borrows money for the use, equipment or repair of the vessel, and for a definite term, and pledges the ship (or the keel or bottom of the ship, pars pro toto) as a security for its repayment, with maritime or extraordinary interest on account of the marine risks to be borne by the lender; it being stipulated that if the ship be lost in the course of the specified voyage, or during th’e limited time, by any of the perils enumerated in the contract, the lender shall also lose his money. The Draco, 2 Sumn. 157, Fed. Cas. No. 4,057; White v. Cole, 24 Wend. (N. Y.) 126; Carrington v. The Pratt, 18 How. 03, 15 L. Ed. 267; The Dora (D. C.) 34 Fed. 343; Jennings v. Insurance Co., 4 Bin. (Pa.) 244, 5 Am. Dec. 404; Braynard v. Hoppock, 7 Bosw. (N. Y.) 157. Bottomry is a contract by which a ship or its freightage is hypothecated as security for a loan, which is to be repaid only in case the ship survives a particular risk, voyage, or period. Civ. Code Cal.
What is BOTTOMRY?
Featuring Black’s Law Dictionary
Nothing implied or stated on this page should be construed to be legal, tax, or professional advice. The Law Dictionary is not a law firm and this page should not be interpreted as creating an attorney-client or legal adviser relationship. For questions regarding your specific situation, please consult a qualified attorney.
- What is the Security Exchange Commission?
- Restitution Law – What it is, How to Avoid it, and Tips on Asking for It
- Should I Freeze My Credit?
- Living Will – The Pros & Cons You Need to Know
- What does it mean to be acquitted?
- Forming an LLC in Missouri
- Double Jeopardy Law
- How To Take Someone To Small Claims Court
- What is Jury Nullification?
- Guide to Court Ordered Mediation
- What Is A Police Welfare Check?
- Best Way to Find Someone in Jail for Free
- How to Transfer a Car Title When The Owner Is Deceased
- How To Find A Name & Address Using A License Plate Number
- Best Way to Write a Professional Letter to a Judge
- How To Find An Inmate’s Release Date
- What Can You Do At 18 Legally?
- Signing a Letter on Someone Else’s Behalf
- How Do You Look up License Plate Numbers?
- Why Do Policemen Touch Your Tail Light When They Pull You Over?