Arrangement in which the master of a ship borrows money using the ship as collateral
A bottomry, or bottomage, is an arrangement in which the master of a ship borrows money upon the bottom or keel of it, so as to forfeit the ship itself to the creditor, if the money with interest is not paid at the time appointed at the ship's safe return.[1]
This occurs, for example, where the ship needs urgent repairs during the course of its voyage or some other emergency arises and it is not possible for the master to contact the owner to arrange funds, allowing the master to borrow money on the security of the ship or the cargo by executing a bond. Where the ship is hypothecated, the bond is called a bottomry bond. Where both the ship and its cargo are hypothecated, the relationship is called respondentia.
^Chambers, Ephraïm (1728). s.v. BOTTOMAGE. Cyclopædia: or, An Universal Dictionary of Arts and Sciences (1 ed.). London: James & John Knapton; John Darby; and others. vol. 1, p. 120.
A bottomry, or bottomage, is an arrangement in which the master of a ship borrows money upon the bottom or keel of it, so as to forfeit the ship itself...
portion of the body, particularly the legs. Bott Bottoming (disambiguation) Bottomry All pages with titles beginning with Bottom All pages with titles containing...
for Assurance of Ships and Merchandizes at Sea, and for lending Money on Bottomry; and for restraining several extravagant and unwarrantable Practices therein...
subsidiaries offer securitization, securities brokerage, mutual investment and bottomry, insurance and factoring, among others. Outside Chile, the bank has had...
Transport portal The captain goes down with the ship – Maritime tradition Bottomry – Arrangement in which the master of a ship borrows money using the ship...
usually asserted against any compensation benefits paid to a patient. Bottomry Detinue Distraint False lien Mechanic's lien Mortgage Pawnbroker Replevin...
character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for a premium...
The Origin and Early History of Insurance: Including the Contract of Bottomry. The Lawbook Exchange, Ltd. ISBN 978-1-58477-932-2. Law of Marine Insurance...
or Partnerships, from effecting Marine Assurances, and lending Money on Bottomry. Appropriation Act 1824 5 Geo. 4. c. 115 25 June 1824 An act for raising...
colonies in America, and an expert on ship insurance, general average and bottomry who gained a great reputation in commercial matters. Nicolaus was born...
civil law system, which distinguishes between conventional hypothecs, as bottomry and respondentia, and tacit hypothecs established by law. Of the latter...
seamen's wages, damage done by a ship due to wrongful act of manoeuvre, bottomry (although this no longer is used) and masters remunerations and disbursements...
other evidence of title. Hypothecation is usually seen in relation to bottomry (cf. bills of lading), whereby the bill of lading is endorsed by the secured...
suffered chronic lack of cash and had to resort to short term loans and bottomry bonds (for which the ships themselves were the collateral) at a premium...
a Premature Peace, 1800. A Compendium of the Law of Marine Insurance, Bottomry, Insurance on Lives, and of Insurance against Fire, in which the mode of...
already become a dead letter by the time of the elder Cato who lent money on bottomry (a system of merchant insurance in which a ship is used as security against...
trap – Book account – Book value – Bootleg recording – Border control – Bottomry – Boycott – Breach of contract – Breach of promise – Breach of the peace –...
ancient Babylonians and the Code of Hammurabi. This established a system of bottomry (whereby the ship master would take a loan and then use the ship itself...
suffered chronic lack of cash and had to resort to short-term loans and bottomry bonds (for which the ships themselves were the collateral) at a premium...
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