from The Century Dictionary.
- noun In marine law, the act of borrowing money and pledging the bottom of a ship, that is, the ship itself, as security for its repayment.
from the GNU version of the Collaborative International Dictionary of English.
- noun (Mar. Law) A contract in the nature of a mortgage, by which the owner of a ship, or the master as his agent, hypothecates and binds the ship (and sometimes the accruing freight) as security for the repayment of money advanced or lent for the use of the ship, if she terminates her voyage successfully. If the ship is lost by perils of the sea, the lender loses the money; but if the ship arrives safe, he is to receive the money lent, with the interest or premium stipulated, although it may, and usually does, exceed the legal rate of interest. See
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun nautical An early form of
maritime contractin which ownerof a shipcould borrow moneyusing the ship as collateral.
Sorry, no etymologies found.
Yesterday's term was bottomry, which is defined as:
But for a sound investment31 I know of nothing comparable with the initial outlay to form this fund. 32 Any one whose contribution amounts to ten minae33 may look forward to a return as high as he would get on bottomry, of nearly one-fifth,34 as the recipient of three obols a day.
The contract is generally called a "bottomry bond."
In a few days, our adventurer recovered his vigour, complexion, and vivacity; he mingled again in the diversions and parties of the place; and he received, in a little time, the money he had lent upon bottomry, which, together with the interest, amounted to upwards of eleven hundred pounds.
And as he every day received proposals from those brokers whom he had employed, about the disposal of his cash, he at length ventured fifteen hundred pounds upon bottomry, being tempted by the excessive premium.
We should also refer to the contract of bottomry, which consisted of a loan made to the owner -- or in some cases the master -- of a ship, on the security of the ship, to be repaid with interest upon the safe conclusion of a voyage.
And he showed lent out on bottomry seven talents and forty minae, and two thousand (drachmae) invested in the Chersonesus.
And when he died in Ephesus, Diogeiton concealed his death from his daughter, and took the documents which he had left sealed, claiming that he must collect by these papers the money lent out on bottomry.
A vessel arriving in a foreign port may require repairs and supplies before she can proceed farther on her voyage, and in occasions of this kind a bottomry bond is given.
He succeeded to the old lawful thrones, and did not care to adventure bottomry with a Sir Edward