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What is a bottomry?

What is a bottomry? Here are some definitions.

Noun
  1. (nautical) An early form of maritime contract in which owner of a ship could borrow money using the ship as collateral.
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Examples
They had the authority to use bottomry bonds and respondentia bonds to clear off charges against the ship.
The agreement or contract of bottomry is embodied in a bottomry bond.
The bottomry contract in Denmark, Sweden, and the north of Germany.
Loans of this character have ever since been common in maritime lands, under the name of bottomry and respondentia bonds.
Would you have men oratorical over a bottomry bond, Demosthenic about an action of trespass on the case, or a rule to compute?
A bottomry bond gives no remedy to the lenders against the owners of the ship or cargo personally.

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