Bottomry

To make a bottomry bond executed by the master a valid hypothecation of the ship, it must be shown by the creditor that the master acted within the scope of his authority; or, in other words, it must be shown that the advances were made for repairs and supplies necessary for effectuating the objects of the voyage, or the safety and security of the ship; and no presumption should arise, that such repairs and supplies could be procured upon any reasonable terms, with the credit of the owner, independent of such hypothecation.

A contract in the nature of a mortgage, by which the owner of a ship, or the master, as his agent, borrows money for the use of the ship, and for a specified voyage, or for a definite period, pledges the ship (or the keel or bottom of the ship, pars pro to to) as a security for its payment, with maritime or extraordinary interest on account of the marine risks to be borne by the lender; it being stipulated that if the ship be lost in the course of the specified voyage, or during the limited time, by any of the perils enumerated in the contract, the lender shall also lose his money. 2 Hagg. Adm. 48..53; 2 Sumn. (U. S.) 157; Abb. Shipp. 117-131. Where the loan is made on the credit of the cargo alone, the contract is called respondentia (q. v.) BOUCHE (Fr. mouth). Ne gist en U bouche, it does not lie in the mouth, i. e., it is not for one to say. Litt. § 58. A phrase still used. En bouch del lay gents, in the mouth of the common people. Cro. Jac. 700. II port meate en son bouche, it supports itself. Dyer, 28 (Fr. Ed.). Said of a deed. An allowance of provision. Avoir bouche a court, to have an allowance at court; to be in ordinary at court; to have meat and drink scot-free there. Blount; Cowell, "Munitions de Bouche;" Ord. Mar. liv. 3, tit. 8, art. 11.

bottoinary, bottomree, bottom-rhea.

In maritime law. A return or safe arrival of the vessel. The contract is in the form of a bond which is called a bottomry bond; the risk of the voyage being borne by the lender, the loan is at a high rate of interest.

Inmaritimelaw. <A contract in the nature of a mortgage, by which the owner of a ship borrows money for the use, equipment, or repair of the vessel, and for a definite term, and pledges the ship (or the keel or boffom of the ship, pars pro toto) as a security for its repayment, with muritime or extraordinary interest on account of the marine risks to be borne by the lender; it being stipulated that if the ship be lost in the course of the specified voyage, or during the limited time, by any of the perils enumerated in the contract, the lender shall also lose his money. 2 Hagg. Adm, 48, 53; 2 Sum. 157. Bottomry is a contract by which a ship or its freightage is hypothecated as security for a loan, which is to be repaid only in case the ship survives a particular risk, voyage, or period. Civil Code Cal. § 3017; Civil Code Dak. § 1783. or exchanged in the course of the voyage, the borrower’s personal responsibility is deemed the principal security for the performance of the contract, which is therefore called “respondentia,” which see. And in a loan upon respondentia the lender must be paid his principal and interest though the ship perish, provided the goods are saved. In most other respects the contracts of bultaumry and of respondeniia stand substantially upon the same footing. Bouvier.

A contract in the nature of a mortgage on a ship: when the owner ' borrows money to enable him to carry on his voyage, and pledges the keel or bottom of the ship as security for the repayment.^ "Bottom " was formerly used for ship or vessel. Bottomry bond. The instrument which evidences a contract of bottomry. In the sense of the general maritime law, and independent of the peculiar regulations of the positive codes of different commercial nations, a contract for a loan of money on the bottom of a ship, at an extraordinary rate of interest, upon maritime risks, to be borne by the lender for a voyage, or for a definite period.^ Blackstone and others speak of bottomry contracts of the owner only, omitting those of the master, which are now the more common, and are strictly for the necessities of the ship.^ A contract by which the owner of a ship hypothecates or binds the ship as security for the repayment of money advanced for the use of the shij>.6 The contract creates a lien on the ship enforceable in admiralty on arrival at the port of destination, but void in the event of loss before arrival. The hazard being extraordinary, the rate of interest is high.' To Justify giving the bond, it is essential that there be a necessity, as, for repairs, and a necessity for resorting to the bond to procure the proper funds. There is no such necessity when the master has funds or can get funds on the credit of the owner.s The vital principle is that the case is one of unprovided and real necessity, and that neither master nor owner has funds or credit available.' 1 [4 Bl. Cora. 133; 16 Mass. 93; 44 N. H. 16. '' U. S.v. Demijohns of Rum, 8 F. E. 485 (1880). = Commonwealth v. Gavin, 1^1 Mass. 54 (1876). * [2 Bl. Com. 457. * The Draco, 2 Suran. 186, 173-89 (1835), cases. Story, J. « Braynard v. Hoppook, 33 N. Y. 573 (1885), Wright, J. 'The Grapeshot, 9 Wall. 135 (1869), Chase, C.J.; 26 Such contracts seem to have been first recognized among the ancient Bhodians. They are allowed for the benefit of commerce. When bona flde, they will be upheld by the com'ts with a strong hand. They cover accruing freight, as well as the ship itself. They are to be liberally construed.^ There is no prescribed form for a bond. Any words indicating the amount of the loan, the interest to be paid, the names of the contracting parties, the name of the vessel, the limits of the voyage as to ports and time, the nature of the risks, and the period for repayment, will ordinarily be sufficient. The lien created takes precedence over other liens, except liens for seaman's wages. The bonds are usually negotiable instruments. See Hypothecation; Ekspondentia.

bummaree. A a high rate of interest (fcernis hypothecation of a ship. safe return or arrival of the ter to make or continue his Bouche,/r. Mouth. Ne gist mouth): it is not for one to Bought and sold notes. a broker, signed by him, and other to the seller, when they Bourg,/r. A walled town; a

Bottomary, Bottomree. putch bomerie, bodem>ery; Germ, bolmmrei; L. Fr. bottomage; Fr. contrat a la grosse aventure; Lat. fcenus nauticum, pecunia trajectitia.] In maritime law. An agreement entered into by the owner of a ship, or [the master as] his agent, whereby, m consideration of a sum of money advuiced for the use of the ship, the borrower undertakes to repay the same with interest, if the ship terminate her voyage successfully, and binds or hypothecates the ship for the performance of his contract. Smith's Merc. Law, 261. The instrument by which this is effected is usually in the shape of a bond, called a bottomry bond, which is in the nature of a mortgage of the vessel, and is defined by Mr. Justice Story to be " a contract for a loan of money on the bottom of the ship, at an extraordinary interest^ upon maritime risks, to be borne by the lender, for a voyage, or for a definite period." 2 Sumner's B. 167, 186. Smi^'s Mere. Law, uh. sup. 8 Stent's Com. 354. The money is loaned upon the ship, or ship and accrumg freight, at an extraordinary interest, the risks of the voyage being borne by the lender, and the bond covers the freight of the voyage, or during the limited time. 3 Kenfs Com. 354. U. S. Digest, Bottomry and Respondentia. 2 Cond.Bep. U. S. 129, note. The term bottomry is thought to be of Dutch origin, (being termed in that language bomerie, bodm^rie, boddemerie,) and to be derived from boden, or bodem, which in the same language signifies the bottom or keel of a ship. P. Cyclopcsdia. So bodo, or bodun signified, it is said, in old French and British, a bottom or depth. Camden Brit. 149. Loccenius, lib. 2, c. 4, § 1. Molloy de Jur. MariU 359. It seems sufficient, however, to derive it, as an English word, from the bottom of a vessel, which is now used by a common figure, {pars pro toto,) as keel {carina,) was anciently, for the vessel itself. See Bottomage.

maritime law, isa contract in nature of a mortgage of a ship, on which the owner borrows money to enable him to fit out the ship, or to purchase a cargo for a voyage proposed; and he pledges the keel or bottom of the ship, pars pro toto, as a security for the repayment: and it is stipulated that if the ship should be lost in the course of the voyage, by any of the perils enumerated in the contract, the lender also shall lose his money; but if the ship should arrive in safety, then he shall receive back his principal, and also the interest agreed upon, which is_ generally called marine interest, however this may excced the legal rate of interest. Not only the ship and tackle if they arrive safe, but also the person the borrower is liable for the money lent and the marine interest. See 2 Bl. Com. 458; Marsh. Ins. B. 2, c. 1; Ord. Louis XIV. B. 3, tit. 5; Laws of Wisbuy, art. 45; Code de Com. B. 2, tit. 9.. The contract of bottomry should specify the principal lent, and the rate of maritime interest agreed upon; the master; those of the Iender and borrower; whether the loan be for an cntire voyage; for what voyage; and for what space of time; and the period of repayment. Code de Com. art. 311; Marsh. Ins. B. 2. Bottomry differs materially from a simple loan. In aloan, the money is at the risk of the borrower, and must be paid at all events. But in bottomry, the money is at the risk of the lender during the voyage. Upon a loan only legal interest can be received; but upon bottomry, any interest may be legally reserved which the parties agree upon. __. See generally, Marsh. Ins. B. 2; Bac. Abr. Merchant, K; Com. Dig. E 4; 3.Mass. 443; 8 Mass. 340; 4 Binn. 244; 4 Cranch, 328; 3 Johns. R. 352; 2 Johns. Cas. 250; 1 Binn. 405; 8 Cranch, 418; 1 Wheat. 96; 2 Dall. 194. See also this Dict. tit. Respondentia; Vin. Abr. Bottomry Bonds.