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Definition
Arrangement in which a ship's keel (hence the ship structure), but not its cargo, was pledged as the security for a loan. It was based on the ancient Greek tradition where all loans on a ship were canceled if it failed to return to its home port, and is the forerunner of today's marine insurance practices. See also bottomry bond.
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bottomry is in the General, Marine, & Life Insurance, International Trade & Relations and Shipping, Transport, & Travel subjects.
bottomry appears in these other term: bottomry bond
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