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Bottomry

noun

Definitions

Noun
  1. 1
    An early form of maritime contract in which the owner of a ship could borrow money using the ship as collateral. countable, uncountable

    "Section 10 states that, ‘The lender of money on bottomry and respondentia has an insurable interest in respect of the loan’. A lender on ‘bottomry’ is, as its name suggests, a person who advances money to a shipowner on the security of (the bottom [of]) the ship."

Etymology

From bottom + -ry; see bottom (“hull”).

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