Legal Dictionary of Pakistan

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).