maritime loan

maritime loan
A loan wherein the lender loses all the money lent in the event of the total loss of the security, or pro rata in the event of a partial loss. See bottomry; respondentia.

Ballentine's law dictionary. . 1998.

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  • maritime loan — noun : a loan or advance enforceable in a court of admiralty jurisdiction: as a. : one giving rise to a maritime lien b. : one secured by a bottomry or respondentia bond …   Useful english dictionary

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  • Maritime law — Maritime Mar i*time (m[a^]r [i^]*t[imac]m, formerly m[a^]r [i^]*t[i^]m; 277), a. [L. maritimus, fr. mare the sea: cf. F. maritime. See {Mere} a pool.] 1. Bordering on, or situated near, the ocean; connected with the sea by site, interest, or… …   The Collaborative International Dictionary of English

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