Legal Definition and Related Resources of Bottomry Bond

A type of mortgage or hypothecation of a ship, by which her keel or bottom is pledged. Type of security given by the master of the vessel pledging the vessel, its cargo and freight as security for money borrowed to meet an emergency at a time when no other source of funds is available to him. The debt is not recoverable in the event of the non arrival of the ship at its destination . Such a bond, if given, has priority over all other claims. See Theo. H. Davies & Co. v Soelberg, 64 P. 540, 24 Wash. 308.

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Bottomry Bond in Historical Law

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