Business, Legal & Accounting Glossary
n. a mortgage contract in which a ship and/or its freight is pledged as security for a loan for equipment, repair, or use of a vessel. The contract is generally called a “bottomry bond.” If the loan is not paid back, the lender can sell the ship and/or its freight.
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This glossary post was last updated: 26th April, 2020 | 0 Views.