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- Bottomry abstract "A bottomry, or bottomage, is an arrangement in which the master of a ship borrows money upon the bottom or keel of it, so as to forfeit the ship itself to the creditor, if the money with interest is not paid at the time appointed at the ship's safe return.This occurs, for example, where the ship needs urgent repairs during the course of its voyage or some other emergency arises and it is not possible for the master to contact the owner to arrange funds, allowing the master to borrow money on the security of the ship or the cargo by executing a bond. Where the ship is hypothecated, the bond is called a bottomry bond. Where both the ship and its cargo are hypothecated, the relationship is called respondentia. Due to the bottomry bond's relatively low priority as against other liens in the event of a libel against the ship, the use of bottomry bonds declined greatly in the 19th century and the subject is today of interest only to legal historians.The Code of Hammurabi describes a form of bottomry that was a type of insurance. A bottomry would be taken, but the repayment would be contingent on the ship successfully completing the voyage.In his Life of Cato the Elder, Plutarch describes how he would use the process to make money, but calls it \"the most disreputable form of money-lending.\" Kaplan and Kaplan describe it as follows:\"Ship insurance springs naturally from the necessity of trade, the existence of sophisticated entrepots, and the rapacity of barbarians -- all long-familiar facts of life on the Mediterranean. Its ancient Greek form, as described by Demosthenes, was what is now called by the splendid name of \"bottomry.\" It was not a direct transfer of risk, but rather a conditional loan: The insurer staked the merchant to a sum of money in advance of the voyage, which was to be repaid with (considerable) interest if the voyage succeeded -- but forgiven if the vessel was lost.It is an arrangement that is easy to describe but difficult to characterize: not a pure loan, because the lender accepts part of the risk; not a partnership, because the money to be repaid is specified; not pure insurance, because it does not specifically secure the risk to the merchant's goods. It is perhaps best considered as a futures contract: the insurer has bought an option on the venture's final value.".
- Bottomry wikiPageID "2106603".
- Bottomry wikiPageLength "3220".
- Bottomry wikiPageOutDegree "17".
- Bottomry wikiPageRevisionID "662352527".
- Bottomry wikiPageWikiLink Bond_(finance).
- Bottomry wikiPageWikiLink Category:Admiralty_law.
- Bottomry wikiPageWikiLink Category:Credit.
- Bottomry wikiPageWikiLink Category:Insurance.
- Bottomry wikiPageWikiLink Cato_the_Elder.
- Bottomry wikiPageWikiLink Code_of_Hammurabi.
- Bottomry wikiPageWikiLink Futures_contract.
- Bottomry wikiPageWikiLink Hypothec.
- Bottomry wikiPageWikiLink Hypothecation.
- Bottomry wikiPageWikiLink Insurance.
- Bottomry wikiPageWikiLink Keel.
- Bottomry wikiPageWikiLink Master_mariner.
- Bottomry wikiPageWikiLink Mechanics_lien.
- Bottomry wikiPageWikiLink Mortgage_loan.
- Bottomry wikiPageWikiLink Plutarch.
- Bottomry wikiPageWikiLink Security_interest.
- Bottomry wikiPageWikiLink Ship.
- Bottomry wikiPageWikiLinkText "Bottomry".
- Bottomry wikiPageWikiLinkText "bottomry".
- Bottomry wikiPageUsesTemplate Template:1728.
- Bottomry wikiPageUsesTemplate Template:Cite_EB1911.
- Bottomry wikiPageUsesTemplate Template:Quote.
- Bottomry wikiPageUsesTemplate Template:Reflist.
- Bottomry subject Category:Admiralty_law.
- Bottomry subject Category:Credit.
- Bottomry subject Category:Insurance.
- Bottomry hypernym Arrangement.
- Bottomry type MusicalWork.
- Bottomry type Work.
- Bottomry type Service.
- Bottomry type Source.
- Bottomry type Work.
- Bottomry comment "A bottomry, or bottomage, is an arrangement in which the master of a ship borrows money upon the bottom or keel of it, so as to forfeit the ship itself to the creditor, if the money with interest is not paid at the time appointed at the ship's safe return.This occurs, for example, where the ship needs urgent repairs during the course of its voyage or some other emergency arises and it is not possible for the master to contact the owner to arrange funds, allowing the master to borrow money on the security of the ship or the cargo by executing a bond. ".
- Bottomry label "Bottomry".
- Bottomry sameAs Q889877.
- Bottomry sameAs Bodmerei.
- Bottomry sameAs Préstamo_a_la_gruesa_ventura.
- Bottomry sameAs Prêt_à_la_grosse_aventure.
- Bottomry sameAs Bodemerij.
- Bottomry sameAs Bodmeri.
- Bottomry sameAs m.06mjfg.
- Bottomry sameAs Бодмерея.
- Bottomry sameAs Bodmeri.
- Bottomry sameAs Q889877.
- Bottomry wasDerivedFrom Bottomry?oldid=662352527.
- Bottomry isPrimaryTopicOf Bottomry.