How Do You Spell BOTTOMRY?

Pronunciation: [bˈɒtɒmɹi] (IPA)

Bottomry is a term used in maritime law to describe a type of loan secured by a ship's hull and equipment. The unique spelling of the word can be explained through the use of the International Phonetic Alphabet (IPA), which shows the pronunciation as "ˈbɒtəmri". The first syllable is pronounced with a short "o" sound, followed by the "t" and "m" sounds. The "ry" at the end is pronounced with a schwa sound, making it a two-syllable word. Despite its uncommon spelling, the term remains important in the shipping industry.

BOTTOMRY Meaning and Definition

1. Bottomry is a term commonly used in maritime law to refer to a financial agreement between the owner of a ship and a lender or creditor. It is a specific form of maritime loan in which the ship itself or its freight is used as security or collateral for the loan. This type of financing is typically employed in situations where the ship owner requires additional funds to cover necessary expenses related to the voyage, such as repairs, provisions, or crew wages.

   Under a bottomry agreement, the shipowner pledges the vessel or its freight as security for the loan. The lender, or bottomry holder, provides the funds required by the shipowner, with the understanding that the loan will be repaid upon successful completion of the voyage. If the ship is lost, damaged, or fails to reach its destination, the lender will not be entitled to repayment. However, if the ship reaches its destination safely, the loan must be repaid at the agreed-upon terms and conditions.

   The terms of a bottomry agreement typically include provisions specifying the interest rate, repayment schedule, and conditions under which the loan may be considered null and void. This type of arrangement allows shipowners to access immediate financing to address urgent needs while transferring the risk of loss to the creditor. Bottomry has long been recognized as an important aspect of maritime commerce, allowing shipowners to secure vital funds for their vessels' ongoing operations.

2. Money borrowed on the security of the bottom of a ship-that is, of the ship itself.

   Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.

Common Misspellings for BOTTOMRY

• vottomry
• nottomry
• hottomry
• gottomry
• bittomry
• bkttomry
• blttomry
• bpttomry
• b0ttomry
• b9ttomry
• bortomry
• boftomry
• bogtomry
• boytomry
• bo6tomry
• bo5tomry
• botromry
• botfomry
• botgomry

Etymology of BOTTOMRY

The etymology of the word "bottomry" can be traced back to the early 17th century. It derives from the combination of two words: "bottom" and "ry".

The term "bottom" originally referred to a ship's hull or the lowest part of a vessel. This hull section was often used as collateral for loans in maritime commerce as it represented the most valuable asset of a ship. If a shipowner needed funds for a voyage, they could offer the bottom of the ship as security.

The suffix "-ry" in "bottomry" comes from the Middle English word "-erie", which denoted a place, condition, or action. In this case, it referred to the act of lending money using the ship's bottom as a guarantee. Over time, "-erie" evolved into "-ery", "-ory", or "-ary" in various words, leading to the term "bottomry".

Plural form of BOTTOMRY is BOTTOMRIES