Bottomry – a contract executed by the master of a vessel, promising repayment of advances made to supply the ship plus interest: the performance is secured by a pledge. of the “bottom” of the ship (the ship itself): payment of principal and interest are risks of the lender, as repayment depends upon successful voyage

bottom:

1. The national registry of a vessel.

bottomage:

1. Same as bottomry.

bottom land:

1. Land in the flood plain of a river; land which is overflown by a river unless protected by flood control constructions.

bottomry:

1. A contract, usually executed in a foreign port by the master of a vessel, for repayment of advances made to supply the necessities of the ship, together with such interest as may be agreed upon,  the performance whereof is secured by a pledge. of the keel or bottom of the ship, which, of course, is actually of a pledge of the ship itself, but under the characteristic provision that payment of principal and interest are at the risk of the lender during the voyage so that repayment depends upon its successful termination.  48 Am J1st Ship § 593.

bottomry bond:

1. An instrument which sets forth a contract of bottomry.

bottomry lien:

1. The lien upon a vessel created by a bottomry bond.  See 48 Am J1st Ship § 605.

bottoms:

1. Keels or the parts of vessels below water; a term of the shipping business, used at times for freighters, for instance, the expression, “50 bottoms available,”meaning 50 ships in port and ready to take on cargo; a slang term used by persons who deal in forged notes to denote paper for making the notes.  Rex v Dade (Eng) 1 Moody CC 307. [1]

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

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