Maritime loan


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MARITIME LOAN. A contract or agreement by which one, who is the lender, lends to another, who is the borrower, a certain sum of money, upon condition that if the thing upon which the loan has been made, should be lost by any peril of the sea, or vis major, the lender shall not be repaid, unless what remains shall be equal to the sum borrowed; and if the thing arrive in safety, or in case it shall not have been injured, but by its own defects or the fault of the master or mariners, the borrower shall be bound to return the sum borrowed, together with a certain sum agreed upon as the price of the hazard incurred. Emer. Mar. Loans, c. 1, s. 2; Poth. h.t. Vide Bottomry; Gross Adventure; Interest, maritime; Respondentia.

References in periodicals archive ?
Commerzbank (PINK:CRZBY) is expected to make losses from its maritime loan portfolio as higher fuel costs and slumping freight rates are expected to affect shipping companies.
the new stimuli to mercantile activity in Gaul that resulted from Augustus' decision to establish a headquarters at Lyon in 16 BC to prepare for the invasion of Germany; or the suggestion that the credit crisis of AD 33 is to be related to the development of the lucrative trade with the Red Sea and India, the scale of which required large sums for maritime loans and encouraged the growth of lending to colossal proportions.
Mendenhall represents various lenders on maritime loans, financial structuring and sale leaseback transactions.

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