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bottomry
[ bot-uhm-ree ]
noun
- a contract, of the nature of a mortgage, by which the owner of a ship borrows money to make a voyage, pledging the ship as security.
bottomry
/ ˈ²úÉ’³ÙÉ™³¾°ùɪ /
noun
- maritime law a contract whereby the owner of a ship borrows money to enable the vessel to complete the voyage and pledges the ship as security for the loan
˜yÐÄvlog History and Origins
˜yÐÄvlog History and Origins
Origin of bottomry1
Example Sentences
It includes numerous clauses devoted to the topic of "bottomry", a kind of maritime insurance bundled together with a business loan.
High rate of interest in gross adventure trade and bottomry contracts, frequently 30 and even 50 per cent.; in ancient Athens, for a simple voyage to the Black Sea, 36 per cent., while the rate of interest customary in the country was only from 12 to 18 per cent.; the interest paid by rented houses only 8-1/7, and by land leases only 8 per cent.
Though his talk was of cargoes and bottomry and tonnage, his thoughts were far away, on those distant seaboards of the world where history was in the making.
A lender on bottomry had benefit of salvage.
"I shall be fretful and anxious till I hear from you about T. B., but I go off to-morrow to Spezzia, and not to be back till Wednesday the 18th,—all Consular, all Bottomry, all Official for eight mortal days, but "Of course I must show to the office 'I'm here,' And draw with good conscience two hundred a-year.
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