Bŏt'tom-ry, n.

n. [From bottom.] (Mar. Law.) A contract by which the owner of a ship, or the master as his agent, hypothecates and binds the ship 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, 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 exceed the legal rate of interest. The tackle of the ship, also, is answerable for the debt, as well as the person of the borrower. The name is derived from bottom, a term by which the ship itself is designated. See HYPOTHECATION.