bottomry loan

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• Bottomry — When the owner of a ship borrows money and uses the ship itself (referring to the ship s bottom or keel) as collateral. If the ship is lost during the course of the voyage then the creditor will lose on the loan; if the ship survives, the lender… …   Investment dictionary

• bottomry — bot·tom·ry / bä təm rē/ n [alteration of earlier bottomary, modification of Dutch bodemerij, from bodem bottom, hull, ship]: a contract under which the owner of a ship pledges the ship as collateral for a loan to finance a journey money lent on… …   Law dictionary

• bottomry — /botgmriy/ In maritime law, a contract by which the owner of a ship borrows for the use, equipment, or repair of the vessel, and for a definite term, and pledges the ship (or the keel or bottom of the ship, pars pro toto) as security; it being… …   Black's law dictionary

• bottomry — /botgmriy/ In maritime law, a contract by which the owner of a ship borrows for the use, equipment, or repair of the vessel, and for a definite term, and pledges the ship (or the keel or bottom of the ship, pars pro toto) as security; it being… …   Black's law dictionary

• Bottomry —    Authority given to a banker to dispose of goods pledged as security against a loan. For example, the pledging of a ship as collateral against emergency loans needed for repairs, with a commitment to repay the loan on safe completion of the… …   Financial and business terms

• bottomry — noun dated a system of merchant insurance in which a ship is used as security against a loan to finance a voyage. Origin C16: from bottom (in the sense ship ) + ry …   English new terms dictionary

• bottomry —   n. raising loan on ship as security …   Dictionary of difficult words

• bottomry — n. & v. Naut. n. a system of using a ship as security against a loan to finance a voyage, the lender losing his or her money if the ship sinks. v.tr. ( ies, ied) pledge (a ship) in this way. Etymology: BOTTOM = ship + RY, after Du. bodemerij …   Useful english dictionary

• Maritime loan — Maritime Mar i*time (m[a^]r [i^]*t[imac]m, formerly m[a^]r [i^]*t[i^]m; 277), a. [L. maritimus, fr. mare the sea: cf. F. maritime. See {Mere} a pool.] 1. Bordering on, or situated near, the ocean; connected with the sea by site, interest, or… …   The Collaborative International Dictionary of English

• maritime loan — A loan wherein the lender loses all the money lent in the event of the total loss of the security, or pro rata in the event of a partial loss. See bottomry; respondentia …   Ballentine's law dictionary

• maritime loan — noun : a loan or advance enforceable in a court of admiralty jurisdiction: as a. : one giving rise to a maritime lien b. : one secured by a bottomry or respondentia bond …   Useful english dictionary