The Underwriter (D. C.) 119 Fed
Categories: Contracts
Definition (1910 Edition)
715; Ste phenson v. The Francis (D. C.) 21 Fed. 719. Maritime liens do not include or require possession. The word “lien” is used in maritime law not in the strict legal sense in which we understand it in courts of common law, in which case there could be no lien where there was no possession, actual or constructive, but to -express, as if by analogy, the natrre of claims which neither presuppose nor originate in possession. 22 Eng. Law & Eq. 62.—Maritime loam. A contract or agreement by which one, who is the lender, lends to another, who is the borrower, a certain sum of money, upon condition that if the thing upon which the loan has been made should be lost by any peril of the sea, or vis major, the lender shall not be repaid unless what remains shall be equal to the sum borrowed: and if the thing arrive in safety, or in case it shall not have been injured but by its own defects or the favlt of the master or mariners, the borrower shall be bound to return the sum borrowed, together with a certain sum agreed upon as the price of the hazard incurred.
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
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