bottomry bond
Defined in 3 dictionaries — Case Law, Black's (1910), Black's (1891)
Definitions from Case Law
From 22 U.S. 409 - The St. Jago de Cuba · 1824Most cited · 160 citing opinions
It is not in the power of any one but the shipmaster, not the owner himself, to give these implied liens on the vessel; and, in every case, the last lien given will supersede the preceding. The last bottomry bond will ride over all that precede it; and an abandonment to a salvor, will supersede every prior claim.
Black's Law Dictionary
Henry Campbell Black, M.A. · 1910
A Dictionary of Law
Henry Campbell Black · 1891
The instrument embodying the contract or agreement of bottomry. The true definition of a bottomry bond, in the sense of the general maritime law, and independent of the peculiar regulations of the positive codes of different commercial nations, is that itis acoutract 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 voyags, or for a definite period. 2 Sum, 157.