Bottomry

A form of mortgage or hypothecation of a ve el, by which her keel or bottom is pledged as a security for the repayment of a sum of money. — If the ship be totally lost, the lender loses his money, but if she arrives safely at her port of destination, he recovers his principal, with the usually high rate of interest agreed upon. — If in ports of distre the master of a ve el is unable to raise any money required for the termination of the maritime adventure on which he is engaged, in any other way, he may take bottomry on the security of ship, cargo, and freight.