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    Bottomry Bond

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    samanta pandey
    1) This document is a bottomry bond between a ship master and lender. 2) The master borrowed funds from the lender to pay for urgent repairs and supplies for his ship. 3) In exchange, the master mortgaged the ship, its freight, equipment, and cargo to the lender as collateral. 4) The bond obligates the master to repay the loan plus interest within 30 days of the ship's safe arrival, otherwise the lender can claim the mortgaged assets.

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    Bottomry Bond

    Uploaded by

    samanta pandey
    46 views1 page
    1) This document is a bottomry bond between a ship master and lender. 2) The master borrowed funds from the lender to pay for urgent repairs and supplies for his ship. 3) In exchange, the master mortgaged the ship, its freight, equipment, and cargo to the lender as collateral. 4) The bond obligates the master to repay the loan plus interest within 30 days of the ship's safe arrival, otherwise the lender can claim the mortgaged assets.

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    1) This document is a bottomry bond between a ship master and lender. 2) The master borrowed funds from the lender to pay for urgent repairs and supplies for his ship. 3) In exchange, the master mortgaged the ship, its freight, equipment, and cargo to the lender as collateral. 4) The bond obligates the master to repay the loan plus interest within 30 days of the ship's safe arrival, otherwise the lender can claim the mortgaged assets.

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    46 views1 page

    Bottomry Bond

    Uploaded by

    samanta pandey
    1) This document is a bottomry bond between a ship master and lender. 2) The master borrowed funds from the lender to pay for urgent repairs and supplies for his ship. 3) In exchange, the master mortgaged the ship, its freight, equipment, and cargo to the lender as collateral. 4) The bond obligates the master to repay the loan plus interest within 30 days of the ship's safe arrival, otherwise the lender can claim the mortgaged assets.

    Copyright:

    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
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    BOTTOMRY BOND

    THIS BOND is executed on this day of 20 by A son of Shri Master of the


    seagoing ship by name and registered with the Shipping Registry No . under the
    Indian Merchants Shipping Act, 1958 and I am held and firmly bound to Shri in the sum of
    Rs . for which payment will and truly to be made to the said Shri his successors and assigns, I
    hereby bind myself, my heirs, successors, administrators, executors and legal representatives
    firmly by these presents
     
    AND for the further security of the said I the said A do hereby mortgage or hypothecate to the
    said Shri the said ship and her freight, apparel and cargo on board on the said ship and I
    hereby declare that the said ship, her freight, apparel and cargo on board are thus pledged for
    the security of the money advanced to me by the said and until payment of this bond is
    made with interest, the said ship and cargo shall not be pledged or mortgaged by me to any
    other person. In witness whereof I have set my hands hereunder
     
    WHEREAS the above named ship having been compelled to put to anchor in the port for
    carrying out repairs and for some accessories, for which the aforesaid amount is urgently
    required. AND WHEREAS the owners of the said ship, the shippers and consignee of the cargo
    on board of the said ship, having refused to provide the money required for the said repairs and
    accessories, I the above named A, the master of ship, have been compelled to borrow the said
    money at bottomry and have received the said sum from the the sum of Rs which sum is to run
    at bottomry on the hull and freight of the above named ship from the port of on a voyage to the
    port of @ ………% for the voyage.
     
    NOW THE CONDITION OF THE BOND is that I (A the said master or my heirs, successors,
    administrators, executors and legal representatives, shall pay or cause to be paid to the said
    Shri his successors and assigns, the sum of Rs . together with the interest due thereon within
    30 days after the safe arrival of the ship at her port of discharge in the port of or in case the
    said ship be lost during the said voyage, then and in such an event this obligation and
    pledge shall be void and of no effect, otherwise it shall remain in full force and effect.
     
    Three bonds of the same tenor and date have been executed and in case one of which is
    accomplished, the others shall be void and of no effect.
    Signed, sealed and delivered at on this day of 20

    WITNESSES
    1.
    2. Signature of the master

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