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Categories: Contracts

Definition (1910 Edition)

for a definite term, and pledges the ship ‘(or the keel or bottom of the ship, pars pro toto) as a security for its repayment, with maritime or extraordinary interest on account of the marine risks to be borne by the lender; it being stipulated that if the ship be lost in the course of the specified voyage, or during the limited time, by any of the perils enumerated in the contract, the lender shall also lose his money. The Draco, 2 Sumn. 157,
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain. UK commentary and modern updates are original additions. This entry is for educational reference only and does not constitute legal advice.