In maritime law, a contract whereby a ship and its cargo are used as security for a loan to finance a voyage. Under this sort of contract, perhaps inevitably also known as "bummery," the loan is repaid if the ship arrives safely, but if it sinks, the lender loses his money.
In maritime law, a contract whereby a ship and its cargo are used as security for a loan to finance a voyage. Under this sort of contract, perhaps inevitably also known as "bummery," the loan is repaid if the ship arrives safely, but if it sinks, the lender loses his money.