bottomry bond:
(18c)
1. An instrument which sets forth a contract of bottomry.
1. A contract for the loan of money on a ship, usually at extraordinary interest, for maritime risks encountered during a certain period or for a certain voyage. * The loan can be enforced only if the vessel survives the voyage. — aka bottomage bond. See BOTTOMRY. Cf. respondentia bond.
Excerpt from John lndermaur’s Principles of the Common Law (Edmund H. Bennett ed., 1st Am. ed.1878):
“A bottomry bond, strictly speaking, is a mortgage or pledge of a ship by the owner or agent, to secure the repayment of money lent for the use of the ship; and the conditions of it are, that if the ship is lost, the lender loses his money; but if it arrives, then, not only the ship itself is liable, but also the person of the borrower.” [3]
Excerpt from Grant Gilmore & Charles L. Black Jr.’s The Law of Admiralty (2d ed. 1975):
“[T]he bottomry bond . . . is a sort of mortgage on a ship, entered into for the purpose of raising money in case of necessity in a foreign port. .The advance of communications has caused bottomry and respondentia bonds to pass virtually out of use.” [4]
References:
Disclaimer: All material throughout this website is compiled in accordance with Fair Use.
[1]: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949). Edited by William S. Anderson. © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY. Library of Congress Catalog Card No. 68-30931
[2]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6
[3]: John lndermaur, Principles of the Common Law 169 (Edmund H. Bennett ed., 1st Am. ed.1878)
[4]: Grant Gilmore & Charles L. Black Jr., The Law of Admiralty 5 1-10, at 25 n.85 (2d ed. 1975).
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