Nolo's Plain-English Law Dictionary

Legal Dictionary Home

Bottomry
A contract, similar to a mortgage, in which a ship and/or its freight is pledged as security for a loan to finance repairs, equipment, or the cost of a journey. The contract is generally called a "bottomry bond." If the loan is not paid back, the lender can sell the ship and/or its freight.
LA-NOLO3:CM1.2.1.3.20160119.35491