A mode of acquiring property, by which the owner of a corporeal substance which receives an addition by growth, or by labor, has a rig…
Its definition shares important concepts with this word: contract, nature, mortgage, owner, ship.
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A contract in the nature of a mortgage, by which the owner of a ship, or the master as his agent, hypothecates and binds the ship (and sometimes the accruing freight) as security for the repayment of money advanced or lent for the use of the ship, if she terminates her voyage successfully. If the ship is lost by perils of the sea, the lender loses the money; but if the ship arrives safe, he is to receive the money lent, with the interest or premium stipulated, although it ma
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