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. |
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In celebration of Noah Webster's Birthday (October 16, 2009), we have prepared an updated website. 
