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Bot"tom*ry (&?;), n. [From 1st Bottom
in sense 8: cf.D. bodemerij. Cf. Bummery.] (Mar.Law)
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.
- Webster's Unabridged Dictionary (1913)
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The correct spelling of this word ought to be: Bottomry
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