Legal Dictionary of Pakistan

nauticum fenus

n. [Greek nautikum "nautical" + Latin fenus "interest"] Roman & civil law. A loan on bottomry made to a transporter of merchandise by ship. ( The loan is subject to an extremely high rate of interest because it does not have to be repaid unless the ship safely reaches its destination. The nauticum fenus is both a loan and marine insurance. The rate, originally unlimited because of the risks of sea travel, was eventually fixed at 12%. The money loaned is pecunia trajecticia (money conveyed overseas). -Also spelled nauticum foenus. - Also termed nautica pecunia; foenus nauticum.