bottomry

Etymology

 * see.

Noun

 * 1)  An early form of maritime contract in which the owner of a ship could borrow money using the ship as collateral.
 * 2) * 1999 [1880], John Bouvier, Daniel A. Gleason, Institutes of American Law, Volume 1, New Edition, page 309,
 * There is much resemblance between bottomry and insurance. In one, the lender takes the risks, and in the other, the insurer.If these contracts resemble each other, there are also many differences between them. In bottomry, the lender actually furnishes a certain sum of money; in insurance, the insurer furnishes nothing; on the contrary, he receives a premium, which is frequently paid to him at the time of the agreement, but which when it is not paid in cash is a claim which he may assign, or for which he may procure a guaranty.
 * There is much resemblance between bottomry and insurance. In one, the lender takes the risks, and in the other, the insurer.If these contracts resemble each other, there are also many differences between them. In bottomry, the lender actually furnishes a certain sum of money; in insurance, the insurer furnishes nothing; on the contrary, he receives a premium, which is frequently paid to him at the time of the agreement, but which when it is not paid in cash is a claim which he may assign, or for which he may procure a guaranty.

Translations

 * French: ,
 * Polish:
 * Spanish: préstamo a la gruesa ventura