bottomry
- A deal like a mortgage where a ship or its cargo is put up as collateral for a loan meant to fund repairs, equipment, or voyage costs
- When the ship needed urgent repairs, the captain entered into a bottomry contract to acquire necessary funds.
- Failure to repay the loan under the bottomry bond could lead to the sale of the ship.
- The crew took on a dangerous voyage, funded through a bottomry contract, hoping to repay it with the voyage profits.
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