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Meaning of BOTTOMRY

 
Webster's 1913 Dictionary
 
 Definition: 
\Bot"tom*ry\, n. [From 1st {Bottom} in sense 8: cf.D.
bodemerij. Cf. {Bummery}.] (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
{Hypothecation}.

 

 

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