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It is usually effected by a bottomry bond.
Where both cargo and ship are hypothecated, the bond is called a bottomry bond.
It consequently suffered chronic lack of cash and had to resort to short term loans and bottomry bonds (for which the ships themselves were the collateral) at a premium of 30 to 35 per cent.
Due to the bottomry bond's relatively low priority as against other liens in the event of a libel against the ship, the use of bottomry bonds declined greatly in the 19th century and the subject is today of interest only to legal historians.
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