Bottomry Bond – 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, which can be enforced only if the vessel survives the voyage

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:

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[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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