bottomry Definition
a contract in which the owner of a ship borrows money and uses the ship itself as security.
Using bottomry: Examples
Take a moment to familiarize yourself with how "bottomry" can be used in various situations through the following examples!
Example
The captain had to resort to bottomry to finance the repairs.
Example
Bottomry was a common practice in maritime trade during the 18th century.
Origins of bottomry
from bottom, meaning 'the ship's hull', and Middle English 'rie', meaning 'a contract or agreement'
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Summary: bottomry in Brief
'Bottomry' [ˈbɒtəmri] is a noun that refers to a contract in which the owner of a ship borrows money and uses the ship itself as security. This practice was common in maritime trade during the 18th century and was used to finance repairs and other expenses related to the ship.
