letting of ship on shares
- letting of ship on shares
-
The transaction whereby the owner of a vessel lets her to the master who operates on shares or, as sometimes stated "on a lay."
The master is intrusted with entire possession and control, with the right to employ and navigate the vessel as he sees fit, and is required to victual and man her at his own expense. He collects the freights, and after deducting the expenses, divides the net earnings between himself and the owner in the agreed proportions. At a time when vessels were small, this practice was much in vogue. 48 Am J1st Ship § 335.
Ballentine's law dictionary.
Anderson, W.S..
1998.
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