Bottomry

{
  "id": "MLC-T-LAW-000771",
  "term": "Bottomry",
  "field": "Law",
  "definition": "A historical maritime contract where a ship's owner borrows money, pledging the ship itself as collateral for repayment. The loan is contingent on the safe arrival of the vessel at its destination; if the ship is lost, the lender forfeits the loan. This ancient form of marine insurance and financing is largely obsolete, replaced by modern insurance policies and commercial loans.",
  "url": "https://mlchart.com/terminology/law/bottomry/"
}