bottomry in a sentence
n.
📚 Grade Level: Grade 10, Grade 11, Grade 12
Definition
Bottomry is a financial agreement in which a shipowner borrows money using the ship as collateral, typically to fund maritime operations or expenses.
Crossword clues for bottomry
Crossword clue ideas and answer hints for the word "bottomry".
- Shipowner's loan secured by vessel's value.
- Maritime financing using a ship as collateral.
- Agreement to borrow against a ship's worth.
- Funds raised for a ship's expenses or operations.
- Collateralized loan for sea voyage costs.
Bottomry sentence examples
- Bottomry is a financing method used by shipowners to secure funds for maritime ventures.
- In the 18th century, bottomry contracts were commonly utilized to cover the costs of repairs and supplies.
- The risk associated with bottomry means that lenders often demand higher interest rates.
- After the ship's successful voyage, the owners were able to repay the bottomry loan with the profits earned.
- Bottomry agreements can be complex, requiring careful legal consideration to protect both parties.
- Historically, bottomry was seen as a necessary risk for those investing in the shipping industry.
- In many cases, the terms of bottomry included stipulations about the ship's condition and voyage duration.
- Understanding bottomry is essential for anyone involved in maritime finance or shipping law.
- The decline of bottomry in modern shipping reflects changes in how maritime financing is approached.
- Many shipowners preferred bottomry over traditional loans due to its flexibility in repayment terms.