Bottomry

Bottomry
"Legal Lexicon":
BOTTOMRY - Maritime Law. A contract in nature of a mortgage of a ship on which the owner borrows money to enable him to fit out the ship, or to purchase a cargo for a voyage proposed: and he pledges the keel or bottom of the ship, pars pro toto, as a security for the repayment; and it is stipulated that if the ship should be lost in the course of the voyage by any of the perils enumerated in the contract, the lender also shall lose his money but if the ship should arrive in safety, then he shall receive back his principal and also the interest agreed upon, which is generally called marine interest. However this may exceed the legal rate of interest. Not only the ship and tackle, if they arrive safe, but also the person of the borrower, is liable for the money lent and the marine interest.
The contract of bottomry should specify the principal lent and the rate of marine interest agreed upon; the subject on which the loan is effected the names of the vessel and of the master those of the lender and borrower whether the loan be for an entire voyage; for what voyage and for what space of time; and the period of re-payment.
Bottomry differs materially from a simple loan. In a loan the money is at the risk of the borrower and must be paid at all events. But in bottomry, the money is at the risk of the lender during the voyage. Upon a loan, only legal interest can be received; but upon bottomry any interest may be legally reserved which the parties agree upon.
--b--

English-Chinese law dictionary (法律英汉双解大词典). 2013.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • bottomry — bot·tom·ry / bä təm rē/ n [alteration of earlier bottomary, modification of Dutch bodemerij, from bodem bottom, hull, ship]: a contract under which the owner of a ship pledges the ship as collateral for a loan to finance a journey money lent on… …   Law dictionary

  • bottomry — [bät′əm rē] n. [< BOTTOM, n. 9, after Du bodomerij, bottomry] a contract by which a shipowner borrows money for equipment, repairs, or a voyage, pledging the ship as security …   English World dictionary

  • Bottomry — 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… …   The Collaborative International Dictionary of English

  • Bottomry — (engl.), so v.w. Bodmerei …   Pierer's Universal-Lexikon

  • Bottomry — (engl.), s. Bodmerei …   Meyers Großes Konversations-Lexikon

  • Bottomry — A bottomry, or bottomage, is when the master of a ship borrows money upon the bottom or keel of it, so as to forfeit the ship itself to the creditor, if the money is not paid at the time appointed with interest at the ship s safe return.This… …   Wikipedia

  • Bottomry — When the owner of a ship borrows money and uses the ship itself (referring to the ship s bottom or keel) as collateral. If the ship is lost during the course of the voyage then the creditor will lose on the loan; if the ship survives, the lender… …   Investment dictionary

  • bottomry — /botgmriy/ 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… …   Black's law dictionary

  • bottomry — /botgmriy/ 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… …   Black's law dictionary

  • Bottomry —    Authority given to a banker to dispose of goods pledged as security against a loan. For example, the pledging of a ship as collateral against emergency loans needed for repairs, with a commitment to repay the loan on safe completion of the… …   Financial and business terms

  • bottomry bond — An instrument which sets forth a contract of bottomry. See bottomry bond …   Ballentine's law dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”