GLOSSARY

Bottomry

Bottomry means pledging a ship as security in a financial transaction. Money can be borrowed against a ship, or its equipment, repaid with interest upon the ship's arrival at port, and forfeited should the ship sink.

What is Bottomry?

A bottomry, or bottomage, is an arrangement in which 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 with interest is not paid at the time appointed at the ship's safe return.

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