Amongst these in all cases are found claims for salvage, wages, bottomryunder certain restrictions, and necessaries.
Maritime loan, a loan secured by bottomry or respodentia bonds.
Marine interest, interest at any rate agreed on for money lent upon respondentia and bottomry bonds.
Money advanced on bottomry is not liable in England for general average losses.
If she should not proceed at all on her intended voyage, the lender is not entitled to recover the bottomry premium in addition to his advance, but only the ordinary rate of interest for the temporary loan.
If the lender has originally advanced the funds on the personal credit of the owner he is not entitled to require a bottomry obligation.
Increased facility of communication, by telegraph and otherwise, has given additional stringency to this rule, and caused a decline in the practice of giving bottomry bonds.
The bottomry premium must be ultimately paid by the parties for whose benefit the advances were obtained, as ascertained on the final adjustment of the average expenditures at the port of destination.
The bottomry lender must use reasonable diligence to ascertain that a real necessity exists for the loan; but he is not bound to see to the application of the money advanced.
Accordingly, the master of a British ship has no power to grant a bottomry bond at a British port, or at any foreign port where he might raise funds on the personal credit of the shipowners.
A bottomry bond gives no remedy to the lenders against the owners of the ship or cargo personally.
The bottomry contract in Denmark, Sweden, and the north of Germany.
In bottomry the lender runs no risk, though the goods should be lost; and upon respondentia the lender must be paid his principal and interest, though the ship perish, provided the goods be safe.
The contract of bottomry is a negotiable instrument, which may be put in suit by the person to whom it is transferred: it is in use in all countries of maritime commerce and interests.
So the king was authorized to grant charters to two distinct corporations for the insurance of ships, goods, and merchandise or going to sea or for lending money upon bottomry (money to be repaid upon return of ship).
So the king was authorized to grant charters to two distinct corporations for the insurance of ships, goods, and merchandise or going to sea or for lending money upon bottomry [borrowing money and and pledging the ship as security].
A vessel arriving in a foreign port may require repairs and supplies before she can proceed farther on her voyage, and in occasions of this kind a bottomry bond is given.
The above list will hopefully give you a few useful examples demonstrating the appropriate usage of "bottomry" in a variety of sentences. We hope that you will now be able to make sentences using this word.
