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RECENT POSTSbottomry
BAW-tuhm-ree
noun, adjective
a sea voyage financed using the ship undertaking the sea voyage as collateral
1665The English RogueThis man was an earnest suiter to borrow an hundred pounds upon Bottomry, or any ways, to victual and fit his Ship; I finding him ingenious, after some conference with him, and he being willing for any Undertaking, we concluded to go half snips in the Profit of his Voyage, and I would furnish him with moneys to his content: I soon perswaded an easie Friend of mine who had more money than wit, to lend our Captain a hundred pounds, promising him great profit, and indeed he was to have fifty in the hundred for that Voyage, which was to be finished in two moneths, and I told him that he might ensure his money at the Ensurance Office, which he did accordingly.1904A History of RomeAgain there was no prohibition against loans on bottomry, and Cato had increased his wealth by becoming through his freedman a member of a maritime company, each partner in which had but a limited liability and the prospect of enormous gains. 1999The ReformerThe two Islander merchants winced; that was the rate for a bottomry loan, with no premium for risk.Labels: A. H. J. Greenidge, Richard Head, S. M. Stirling and David Drake
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