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.
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