Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Bottomry
A contract by which a shipowner pledges the ship as security for a loan to finance a voyage (as to equip or repair the ship), the lender losing the money if the ship is lost during the voyage. 0 The term refers to the idea that the shipowner pledges the ship's bottom, or keel. Cf. RESPONDENTIA. bottomry bond See BOND (2).
bottomry bond
A contract for the loan of money on a ship, usu. at extraordinary interest, for maritime risks encountered during a certain period or for a certain voyage. 0 The loan can be enforced only if the vessel survives the voyage. - Also termed bottomage bond. Cf. respondentia bond. "A bottoinry bond, strictly speaking, is a mortgage or pledge of a ship by the owner or agent, to secure the repayment of money lent for the use of the ship; and the conditions of it are, that if the ship is lost, the lender loses his money; but if it arrives, then, not only the ship itself is liable, but also the person of the borrower." John Indermaur, Principles of the Common Law 169 (Edmund H. Bennett ed., 1st Am. ed. 1878).