Bottomry
Legal definition for Indian law research
Definition
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
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.