Bottomry Bond Law and Legal Definition
Bottomry bond is the contract for the loan of money on a ship. A bottomry bond is usually executed for maritime risks encountered during a certain period or for a certain voyage. Such bonds are generally secured at extraordinary interests. The loan can be enforced only if the ship/vessel survives the voyage. It is also known as bottomage bond.
Bottomry bond is an older type of bond. Under such bond, both the ship and the cargo are hypothecated.
