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n. An early form of maritime contract in which owner of a ship could borrow money using the ship as collateral.

n. A contract in the nature of a mortgage, by which the owner of a ship, or the master as his agent, hypothecates and binds the ship (and sometimes the accruing freight) as security for the repayment of money advanced or lent for the use of the ship, if she terminates her voyage successfully. If the ship is lost by perils of the sea, the lender loses the money; but if the ship arrives safe, he is to receive the money lent, with the interest or premium stipulated, although it may, and usually does, exceed the legal rate of interest. See hypothecation.

n. In marine law, the act of borrowing money and pledging the bottom of a ship, that is, the ship itself, as security for its repayment.

"But for a sound investment31 I know of nothing comparable with the initial outlay to form this fund. 32 Any one whose contribution amounts to ten minae33 may look forward to a return as high as he would get on bottomry, of nearly one-fifth,34 as the recipient of three obols a day."

hypothecation