1828 dictionary Noah Webster's 1828 American Dictionary 1828 webster
Noah Webster's 1828 American Dictionary
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B  ›  bottomry
B  ›  bottomry
1828 Definition

BOT'TOMRY, n. [from bottom.] The act of borrowing money, and pledging the keel or bottom of the ship, that is, the ship itself, as security for the repayment of the money. The contract of bottomry is in the nature of a mortgage; the owner of a ship borrowing money to enable him to carry on a voyage, and pledging the ship as security for the money. If the ship is lost,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 exceed the legal rate of interest. The tackle of the ship also is answerable for the debt, as well as the person of the borrower. When a loan is made upon the goods shipped, the borrower is said to take up money at respondentia, as he is bound personally to answer the contract.

1913 Definition
Bottomry (bottomry)
n.((?))
Bot"tom*ry
[From 1st Bottom in sense 8: cf.D. bodemerij. Cf. Bummery.] (Mar.Law)
  1. 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.

1828 dictionary
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