Meaning of Bottomry And Respondentia Bonds

Bottomry And Respondentia Bonds

Language - English

Tamil Word - கப்பல் அடகுக்கடன் ஆவணம்

A type of maritime loan where the ship or its cargo is pledged as collateral. (e.g., In the past, traders used bottomry and respondentia bonds to finance their voyages.) Although less common in modern times, 'Bottomry and Respondentia Bonds' might be found in historical Tamil Nadu documents, particularly in coastal regions, as they were used to finance maritime trade and ventures. These bonds could also be relevant in cases of shipwrecks or maritime disputes involving property or cargo.