What is BOTTOMRY? Definition of BOTTOMRY in Black's Law Dictionary
In maritime law. A contract by which the owner of a ship borrows for the use, equipment, or repair of the vessel, and for a definite term, and pledges the ship (or the keel or bottom of the ship, pars pro toto) as security; it being stipulated that if the ship be lost in the specified voyage, or during the limited time, by any of the perils enumerated, the lender shall lose his money. Carrington v. The Pratt, 18 How. 63, 15 L.Ed. 267; Braynard v. Hoppock, 7 Bosw.N.Y. 157.
A contract by which a ship or its freightage is hypothecated as security for a loan, which is to be repaid only in case the ship survives a particular risk, voyage, or period. Civ.Code Cal. § 3017. The contract usually in form a bond.
When the loan is not made on the ship, but on the goods on board, and which are to be sold or exchanged in the course of the voyage, the borrower's personal responsibility is deemed the principal security for the performance of the contract, which is therefore called "respondentia."
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That's the definition of BOTTOMRY in Black's Law Dictionary - Courtesy of Cekhukum.com.
