Bottomry

Quick meaning: Bottomry is a noun meaning (nautical) An early form of maritime contract in which the owner of a ship could borrow money using the ship as collateral.

Meaning

(nautical) An early form of maritime contract in which the owner of a ship could borrow money using the ship as collateral.

Example Sentences

25. The supercargo Colin Campbell, for example, mentioned in 1732 that the first Dutch supercargo Schultz was secretly investing in the bottomry market.

Section 10 states that, ‘The lender of money on bottomry and respondentia has an insurable interest in respect of the loan’. A lender on ‘bottomry’ is, as its name suggests, a person who advances money to a shipowner on the security of (the bottom [of]) the ship.

Word Forms

• bottomries

Related Words

Related dictionary entries include respondentia, borrow, hypothecation, borrowing, suretyship, pledge.

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