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bottomry

[ bot-uhm-ree ]

noun

, Marine Law.
, plural bot·tom·ries.
  1. a contract, of the nature of a mortgage, by which the owner of a ship borrows money to make a voyage, pledging the ship as security.


bottomry

/ ˈbɒtəmrɪ /

noun

  1. maritime law a contract whereby the owner of a ship borrows money to enable the vessel to complete the voyage and pledges the ship as security for the loan
“Collins English Dictionary — Complete & Unabridged” 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Word History and Origins

Origin of bottomry1

1615–25; modeled on Dutch bodemerij, equivalent to bodem bottom + -erij -ry
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Word History and Origins

Origin of bottomry1

C16: from Dutch bodemerij , from bodem bottom (hull of a ship) + -erij -ry
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Example Sentences

It includes numerous clauses devoted to the topic of "bottomry", a kind of maritime insurance bundled together with a business loan.

From BBC

High rate of interest in gross adventure trade and bottomry contracts, frequently 30 and even 50 per cent.; in ancient Athens, for a simple voyage to the Black Sea, 36 per cent., while the rate of interest customary in the country was only from 12 to 18 per cent.; the interest paid by rented houses only 8-1/7, and by land leases only 8 per cent.

Though his talk was of cargoes and bottomry and tonnage, his thoughts were far away, on those distant seaboards of the world where history was in the making.

A lender on bottomry had benefit of salvage.

"I shall be fretful and anxious till I hear from you about T. B., but I go off to-morrow to Spezzia, and not to be back till Wednesday the 18th,—all Consular, all Bottomry, all Official for eight mortal days, but "Of course I must show to the office 'I'm here,' And draw with good conscience two hundred a-year.

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