Excerpt from The English Reports, Vol. 13: Privy Council II; Containing Moore P. C., Volumes 3 to 7 In considering the law applicable to this state of facts, it may be expedient to advert to the principles on which the validity of Bottomry Bonds have always been made to rest in the Court of Admiralty. In the large majority of cases the Master is neither owner nor part owner of the ship or cargo; when he takes up money on Bottomry, he pledges the property of others, and that, too, upon maritime interest, which frequently is ...
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Excerpt from The English Reports, Vol. 13: Privy Council II; Containing Moore P. C., Volumes 3 to 7 In considering the law applicable to this state of facts, it may be expedient to advert to the principles on which the validity of Bottomry Bonds have always been made to rest in the Court of Admiralty. In the large majority of cases the Master is neither owner nor part owner of the ship or cargo; when he takes up money on Bottomry, he pledges the property of others, and that, too, upon maritime interest, which frequently is extremely high, and very onerous to the owners. To justify him in such an act, and to warrant the foreign merchant [9] advancing his money on valid security, it is requisite, by the Maritime Law, that the advances shall be merely to enable the ship to refit, or to pay for the repairs and dispatch of the vessel, for the completion of her voyage, and that the master shall be unable to obtain the same on personal credit. This rule has always been rigidly maintained, and with no other qualification than that which justice and the interests of commerce necessarily call for. If the foreign merchant, after due inquiry, Shall have reasonable ground for concluding that the repairs are necessary, and that the money cannot be raised on personal credit, then his security on the ship and cargo shall not be impeached, or invalidated, because it might happen, that notwithstanding his reasonable and bona fide inquiries, the repairs were not necessary or the money might have been had on personal credit. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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