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Wednesday, May 8th, 2024
Eve of Ascension
Eve of Ascension
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Bible Dictionaries
Bottomry
Webster's Dictionary
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(n.) A contract in the nature of a mortgage, by which the owner of a ship, or the master as his agent, hypothecates and binds the ship (and sometimes the accruing freight) as security for the repayment of money advanced or lent for the use of the ship, if she terminates her voyage successfully. If the ship is lost by perils of the sea, the lender loses the money; but if the ship arrives safe, he is to receive the money lent, with the interest or premium stipulated, although it may, and usually does, exceed the legal rate of interest. See Hypothecation.
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These files are public domain.
Text Courtesy of BibleSupport.com. Used by Permission.
Bibliography Information
Webster, Noah. Entry for 'Bottomry'. Noah Webster's American Dictionary. https://www.studylight.org/dictionaries/eng/web/b/bottomry.html. 1828.
Webster, Noah. Entry for 'Bottomry'. Noah Webster's American Dictionary. https://www.studylight.org/dictionaries/eng/web/b/bottomry.html. 1828.
