Bottomry - Law Dictionary Search Results
Home Dictionary Name: bottomrybottomry
bottomry [alteration of earlier bottomary, modification of Dutch bodemerij, from bodem bottom, hull, ship] : a contract under which the owner of a ship pledges the ship as collateral for a loan to finance a journey [money lent on for…equipping the vessel "Louisiana Civil Code"] compare respondentia ...
Bottomry Bond, or Contract, also Bottomree, or Bummaree
Bottomry Bond, or Contract, also Bottomree, or Bummaree, a species of mortgage or hypothecation of a ship, by which her keel or bottom is pledged (partum pro toto) as a security for the repayment of a sum of money. If the ship be totally lost, the lender loses his money; but if she returns safely, he recovers his principal, together with the interest agreed upon. Such bonds are allowed as valid in all trading nations, for the benefit of commerce, and as a pretium periculi for the extraordinary hazard run. See Abbott on Shipping, and RESPONDENTIA....
Hypothecate
To subject as property to liability for a debt or engagement without delivery of possession or transfer of title to pledge without delivery of possession to mortgage as ships or other personal property to make a contract by bottomry See Hypothecation Bottomry...
respondentia
respondentia [New Latin, from Latin respondent- respondens, present participle of respondere to answer, correspond; from the fact that the loan is only a personal obligation on the part of the borrower who must “answer” for the money] : a loan secured by the goods on one's ship compare bottomry ...
Bottomry
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...
VerbarRespondentia
A loan upon goods laden on board a ship It differs from bottomry which is a loan on the ship itself...
Bills of gross adventure
Bills of gross adventure, an instrument in writing which contains a contract of bottomry, respondentia, and every species of maritime loan, Fr. Law....
Bond
Bond [fr. binda, band, bunden, A. S., to bind], a written acknowledgement or binding of a debt under seal. See DEED. No technical form of words is necessary to constitute a bond; see Gerrard v. Clowes, (1892) 2 QB 11; Strickland v. Williams, (1899) 1 QB 382. The person giving the bond is called the obligor, and he to whom it is given the obligee. A bond is called single (simplex obligatio) when it is without a penalty, but there is generally a condition added, that, if the obligor does or forbears from some act, the obligation shall be void, or else shall remain in full force, and the bond is then called a double or conditional one; see Dav. Prec. Vol. V., pt. Ii., p. 268. When a bond contains a penalty, which is generally double the amount of the principal sum secured, only the sum actually owing, with interest, can be recovered, and in no case can this exceed the amount appearing on the face of the bond. See 8 & 9 Wm. 3, c. 11, s. 8; Re Dixon, (1900) 2 Ch 561.Although it is unnecessa...
Hypothecation
Hypothecation [fr. hypotheca, Civ. Law, a pledge in which the pledges retained possession of the thing pledged, as distinguished from pignus, where the possession was transferred to the pledge. See Sand. Just; Sith's dict. of Antiq., tit. 'Pignus'], the act of pledging a thing as security for a debt or demand without parting with the possession. There are few cases, if any, in our law where an hypothecation in the strict sense of the Roman Law exists. The nearest approaches, perhaps, are the cases of holders of bottomry bonds, and of seamen to whom wages are due in the merchant service, who have a claim against the ship in rem. But these are rather cases of liens or privileges than strict hypo-thecations. There are also cases where mortgages of chattels are held valid, without any actual possession by the mortgage, but they stand upon very peculiar grounds, and may be deemed exceptions to the general rule.It means a charge in or upon any movable property, existing or future, created by...
Lien
Lien [answering to the tacita hypotheca of the Civil Law], a right in one man to retain that which is in his possession belonging to another, until certain demands of the person in possession are satisfied. It is neither a jus in re, nor a jus ad rem--i.e., it is not a right of property in the thing itself, or right of action to the thing itself.It is either particular, as a right to retain a thing for some charge or claim growing out of, or connected with, the identical thing; or general, as a right to retain a thing not only for such charges or claims, but also for a general balance of accounts between the parties in respect to other dealings of the like nature.General and particular liens may arise: (1) by an express contract; (2) by an implied contract, resulting from the usage of trade, or the manner of dealing between parties. General lines are not favoured in law, but some judicially recognized general lines are bankers', solicitors', factors', stockbrokers'. See Halsb. L.E., ti...
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