{"id":11941,"date":"2018-01-09T03:46:49","date_gmt":"2018-01-09T03:46:49","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11941"},"modified":"2018-01-10T00:06:31","modified_gmt":"2018-01-10T00:06:31","slug":"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-onl","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11941","title":{"rendered":"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"},"content":{"rendered":"

bottomry bond<\/span>:<\/span>
\n<\/strong>(18c)<\/span><\/p>\n

1. An instrument which sets forth a contract of bottomry.<\/strong><\/span><\/p>\n

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.\u00a0 *\u00a0 The loan can be enforced only if the vessel survives the voyage. <\/strong>\u2014 aka bottomage bond<\/strong><\/em><\/span>.\u00a0 <\/strong>See BOTTOMRY.\u00a0 Cf. respondentia bond.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 Excerpt from John lndermaur’s Principles of the Common Law<\/em><\/a> (Edmund H. Bennett ed., 1st Am. ed.1878):<\/strong><\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 \u201cA 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.<\/span>\u201d <\/strong>[3]<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 Excerpt from Grant Gilmore & Charles L. Black Jr.’s The Law of Admiralty<\/em><\/a> (2d ed. 1975):<\/strong><\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 \u201c[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.<\/span>\u201d <\/strong>[4]<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is compiled in accordance with Fair Use<\/a><\/span><\/strong>.<\/strong><\/p>\n

[1<\/span><\/strong>]: Ballantine\u2019s Law Dictionary\u00a0<\/a>with Pronunciations
\n<\/em>Third Edition<\/a>\u00a0by James A. Ballantine\u00a0(James Arthur 1871-1949).\u00a0\u00a0<\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[2]: Black\u2019s Law Dictionary\u00a0Deluxe Tenth Edition\u00a0by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[3]: John lndermaur, Principles of the Common Law<\/em><\/a> 169 (Edmund H. Bennett ed., 1st Am. ed.1878)<\/span><\/strong><\/p>\n

[4]: Grant Gilmore & Charles L. Black Jr., The Law of Admiralty<\/em><\/a> 5 1-10, at 25 n.85 (2d ed. 1975).<\/span><\/strong><\/p>\n

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