bottomry

Definition from Nolo’s Plain-English Law Dictionary

A contract, similar to a mortgage, in which a ship and/or its freight is pledged as security for a loan to finance repairs, equipment, or the cost of a journey. The contract is generally called a "bottomry bond." If the loan is not paid back, the lender can sell the ship and/or its freight.

Definition provided by Nolo’s Plain-English Law Dictionary.