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hypothecation

(in maritime law) A mortgage granted by a ship’s master to secure the repayment with interest, on the safe arrival of the ship at her destination, of money borrowed during a voyage as a matter of necessity (e.g. to pay for urgent repairs). The hypothecation of a ship itself, with or without cargo, is called bottomry; that of its cargo alone is respondentia. It is effected by a bond, and the bondholder is entitled to a maritime *lien.

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