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bottomry


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Samuel Pepys (1633—1703) naval official and diarist

 

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Is a long defunct term for a mortgage on a ship executed by a master who was out of touch with his owners and needed to raise money for repairs to complete a voyage. Money raised by bottomry had to be used only for the exact purpose stated and was always primarily for getting a ship back to its port of registry. A bottomry bond took priority over all other mortgages, but if the ship was lost at sea before the voyage was completed the lender lost his bond. Samuel Pepys (Diary, 30 Nov. 1663) has the word as bottomaryne; another variant spelling is bottomarie.

See also respondentia.

See also respondentia.

Subjects: Maritime History.


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