BOTTOMRY • DICTIONARY ONE.COM • Definition of Bottomry

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noun

Bottomry n. (Mar. Law) A contract in the nature of a mortgage, by which the owner of a ship, or the master as his agent, hypothecates and binds the ship (and sometimes the accruing freight) as security for the repayment of money advanced or lent for the use of the ship, if she terminates her voyage successfully. If the ship is lost by perils of the sea, the lender loses the money; but if the ship arrives safe, he is to receive the money lent, with the interest or premium stipulated, although it may, and usually does, exceed the legal rate of interest. See Hypothecation.

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Etymology of 'Bottomry'

Collaborative International Dictionary of English 0.48

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"Bottomry" Quotes from Famous Books

... merchants did not carry for hire, but dealt in their commodities. This implied an extensive system of depots and bonding. They had anticipated many of the devices of modern commerce. They effected insurances, made loans on bottomry, and it has been supposed that their leathern money may have been of the nature of our ...

— History of the Intellectual Development of Europe, Volume I (of 2) - Revised Edition • John William Draper

... His shelves were full. The old standards were scope enough for his ambition. He ranged in them absolute—and "fair in Otway, full in Shakspeare shone." He succeeded to the old lawful thrones, and did not care to adventure bottomry with a Sir Edward Mortimer, or any casual speculator that offered. I remember, too acutely for my peace, the deadly extinguisher which he put upon my friend G.'s "Antonio." G., satiate with visions of political justice (possibly not to be realized in our time), ...

— The Works of Charles and Mary Lamb, Volume 2 • Charles Lamb