Definition of bottomry in English:
A system of merchant insurance in which a ship is used as security against a loan to finance a voyage, the lender losing the investment if the ship sinks.
- Some of the more technical errors, like confusing ‘bottomry’ loans (on ships) with ‘respondentia’ loans (on cargo), would perhaps be partially understandable were not the author a legal scholar.
- They had the authority to use bottomry bonds and respondentia bonds to clear off charges against the ship.
- This general rule of construction should especially guide a court of admiralty in interpreting a contract of bottomry and respondentia.
Definition of bottomry in:
- British & World English dictionary
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.
Most popular in the US
Most popular in the UK
Most popular in Canada
Most popular in Australia
Most popular in Spain
Most popular in Malaysia
Most popular in India
Most popular in Pakistan