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What is bottomry?

Please explain the meaning of Bottomry.


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Team Legistify

A contract, in maritime law, by which money is borrowed for a specified term by the owner of a ship for its use, equipment,or repair for which the ship is pledged as collateral. If the ship is lost in the specified voyage or during the limited time, thelender will lose his or her money according to the provisions of the contract. A contract by which a ship or its freight ispledged as security for a loan, which is to be repaid only in the event that the ship survives a specific risk, voyage, orperiod.

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648
Team Legistify

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.

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Tags: General Legal Insurance Policy

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