Bottomry is a contract by which a vessel or its freightage is hypothecated as security for a loan, which is to be repaid only if the vessel survives a particular risk, voyage, or period.
(Enacted by Stats. 1937, Ch. 368.)
Section 450
Harb. & Nav. Code § 450 — under California Harb. & Nav. Code.
Harb. & Nav. Code § 450