BOTTOMRY


Meaning of BOTTOMRY in English

a maritime contract (now almost obsolete) by which the owner of a ship borrows money for equipping or repairing the vessel and, for a definite term, pledges the ship as securityit being stipulated that if the ship be lost in the specified voyage or period, by any of the perils enumerated, the lender shall lose his money. A similar contract creating a security interest in the cargo is called a respondentia.

Britannica English vocabulary.      Английский словарь Британика.