Respondentia definition

Respondentia





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2 definitions found

From The Collaborative International Dictionary of English v.0.48 [gcide]:

  Respondentia \Re`spon*den"ti*a\ (r?`sp?n*d?n"sh?*?), n. [NL. See
     {Respondence}.] (Commercial Law)
     A loan upon goods laden on board a ship. It differs from
     bottomry, which is a loan on the ship itself. --Bouvier.
     [1913 Webster]



From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  RESPONDENTIA, maritime law. A loan of money on maritime interest, on goods 
  laden on board of a ship, which, in the course of the voyage must, from 
  their nature, be sold or exchanged, upon this condition, that if the goods 
  should be lost in the course of the voyage, by any of the perils enumerated 
  in the contract, the lender shall lose his money; if not, that the borrower 
  shall pay him the sum borrowed, with the interest agreed upon, 
       2. The contract is called respondentia, because the money is lent on 
  the personal responsibility of the borrower. It differs principally from 
  bottomry, in the following circumstances: bottomry is a loan on the ship; 
  respondentia is a loan upon the goods. The money is to be repaid to the 
  lender, with maritime interest, upon the arrival of the ship, in the one 
  case and of the goods, in the other. In all other respects the contracts are 
  nearly the same, and are governed by the same principles. In the former, the 
  ship and tackle, being hypothecated, are liable, as well as the person of 
  the borrower; in the latter, the lender has, in general, only the personal 
  security of the borrower. Marsh. Ins. B. 2, c. 1, p. 734. See Lex Mer. Amer. 
  354; Com. Dig. Merchant, E 4; 1 Fonb. Eq. 247, n. I.; Id. 252, n. o.; 2 Bl. 
  Com. 457; Park. Ins. ch. 21; Wesk. Ins. 44; Beames' Lex. Mex. 143; 3 
  Chitty's Com. Law, 445 to 536; Bac. Abr. Merchant and Merchandise, K; 
  Bottomry. 
  
  

















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