|
Bottomry
A bottomry, or bottomage, is an arrangement in which the master of a ship borrows money upon the ''bottom'' or keel of it, so as to forfeit the ship itself to the creditor, if the money with interest is not paid at the time appointed at the ship's safe return. This occurs, for example, where the ship needs urgent repairs during the course of its voyage or some other emergency arises and it is not possible for the master to contact the owner to arrange funds, allowing the master to borrow money on the security of the ship or the cargo by executing a bond. Where the ship is hypothecated, the bond is called a bottomry bond. Where both the ship and its cargo are hypothecated, the relationship is called respondentia. History 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. The Code of Hamm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hypothecated
Hypothec (; , , from Lat. ''hypotheca'', from Gk. : hypothēkē), sometimes tacit hypothec, is a term used in civil law systems (e.g. the law of most of Continental Europe) to refer to a registered real security of a creditor over real estate, but under some jurisdictions it may additionally cover ships only (ship hypothec), as opposed to other collaterals, including corporeal movables other than ships, securities or intangible assets such as intellectual property rights, covered by a different type of right ( pledge). Common law has two main equivalents to the term: mortgages and non-possessory lien. Overview This real right in security operates by way of hypothecation. It may arise only through being entered into the land and hypothec register or the ship registry, as a result of: * a hypothecary loan contract, required in the form of a notarial act - in case of a contractual hypothec * an administrative or court decision - in case of a compulsory hypothec Hypothec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the '' collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person is loaned money from a bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hypothec
Hypothec (; , , from Lat. ''hypotheca'', from Gk. : hypothēkē), sometimes tacit hypothec, is a term used in civil law systems (e.g. the law of most of Continental Europe) to refer to a registered real security of a creditor over real estate, but under some jurisdictions it may additionally cover ships only (ship hypothec), as opposed to other collaterals, including corporeal movables other than ships, securities or intangible assets such as intellectual property rights, covered by a different type of right ( pledge). Common law has two main equivalents to the term: mortgages and non-possessory lien. Overview This real right in security operates by way of hypothecation. It may arise only through being entered into the land and hypothec register or the ship registry, as a result of: * a hypothecary loan contract, required in the form of a notarial act - in case of a contractual hypothec * an administrative or court decision - in case of a compulsory hypothec Hypothec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Master Mariner
A master mariner is a licensed mariner who holds the highest grade of licensed seafarer qualification; namely, a master's license. A master mariner is therefore allowed to serve as the captain (nautical), master of a merchant ship for which national and international requirements apply under the STCW Convention. Regulation II/2 sets out requirements for Master Mariners. Master mariners can possess either an unlimited certification/licence or one restricted based on tonnage of the ship. Certification is given by national authorities, typically following completion of minimum necessary seatime and a course of approved training, based on the IMO model course. For those with an unlimited certificate, this has no limits on the tonnage, power, or geographic location of the vessel that the holder of the license is allowed to serve upon. An unlimited master mariner would therefore be allowed to serve as the Captain of a ship any size, of any type, operating anywhere in the world, and it re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Futures Contract
In finance, a futures contract (sometimes called futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The item transacted is usually a commodity or financial instrument. The predetermined price of the contract is known as the ''forward price'' or ''delivery price''. The specified time in the future when delivery and payment occur is known as the ''delivery date''. Because it derives its value from the value of the underlying asset, a futures contract is a Derivative (finance), derivative. Contracts are traded at futures exchanges, which act as a marketplace between buyers and sellers. The buyer of a contract is said to be the Long (finance), long position holder and the selling party is said to be the Short (finance), short position holder. As both parties risk their counter-party reneging if the price goes against them, the contract may involve both ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maritime Law
Maritime law or admiralty law is a body of law that governs nautical issues and private maritime disputes. Admiralty law consists of both domestic law on maritime activities, and private international law governing the relationships between private parties operating or using ocean-going ships. While each legal jurisdiction usually has its own legislation governing maritime matters, the international nature of the topic and the need for uniformity has, since 1900, led to considerable international maritime law developments, including numerous multilateral treaties. Admiralty law, which mainly governs the relations of private parties, is distinguished from the law of the sea, a body of public international law regulating maritime relationships between nations, such as navigational rights, mineral rights, and jurisdiction over coastal waters. While admiralty law is adjudicated in national courts, the United Nations Convention on the Law of the Sea has been adopted by 167 countrie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marine Insurance
Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance a sub-branch of marine insurance, though marine insurance also includes onshore and offshore exposed property, ( container terminals, ports, oil platforms, pipelines), hull, marine casualty, and marine losses. When goods are transported by mail or courier or related post, shipping insurance is used instead. History In December 1901 and January 1902, at the direction of archaeologist Jacques de Morgan, Father Jean-Vincent Scheil, OP found a tall basalt or diorite stele in three pieces inscribed with 4,130 lines of cuneiform law dictated by Hammurabi (–1750 BC) of the First Babylonian Empire in the city of Shush, Iran. Code of Hammurabi Law 100 stipulated repayment by a debtor of a loan to a creditor on a schedule with a maturity date specified ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date. The resources provided by the first party can be either property, fulfillment of promises, or performances. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower. Etymology The term "credit" was first used in English in the 1520s. The term came "from Middle French crédit (1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mechanic's Lien
A mechanic's lien is a security interest in the Title (property), title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property, it is called by various names, including, generically, construction lien. The term "lien" comes from a French root, with a meaning similar to wiktionary:link, link, which is itself ultimately descended from the Latin ''ligamen'', meaning "bond" and ''ligare'', meaning "to bind". Mechanic's liens on property in the United States date from the 18th century. History and reasons for existence Mechanic's liens in their modern form were first conceived by Thomas Jefferson, to encourage construction in the new Capital districts and territories#United States, capital city of Washington, D.C., Washington. They were established by the Maryland General Assembly, of which the city of Washington was then a part. However, it is not l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage
A mortgage loan or simply mortgage (), in civil law (legal system), civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "collateral (finance), secured" on the borrower's property through a process known as mortgage origination. This means that a Mortgage law, legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Legal professions in England and Wales, Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken throu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cato The Elder
Marcus Porcius Cato (, ; 234–149 BC), also known as Cato the Censor (), the Elder and the Wise, was a Roman soldier, Roman Senate, senator, and Roman historiography, historian known for his conservatism and opposition to Hellenization. He was the first to history of history#Roman world, write history in Latin with his ''Origines'', a now fragmentary work on the history of Rome. His work ''De agri cultura'', a treatise on agriculture, rituals, and recipes, is the oldest extant prose written in the Latin language. His epithet "Elder" distinguishes him from his great-grandson Senator Cato the Younger, who opposed Julius Caesar. He came from an ancient Plebs, plebeian family who were noted for their Roman army, military service. Like his forefathers, Cato was devoted to Roman agriculture, agriculture when not serving in the army. Having attracted the attention of Lucius Valerius Flaccus (consul 195 BC), Lucius Valerius Flaccus, he was brought to Rome. He was successively milita ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Plutarch
Plutarch (; , ''Ploútarchos'', ; – 120s) was a Greek Middle Platonist philosopher, historian, biographer, essayist, and priest at the Temple of Apollo (Delphi), Temple of Apollo in Delphi. He is known primarily for his ''Parallel Lives'', a series of biographies of illustrious Greeks and Romans, and ''Moralia'', a collection of essays and speeches. Upon becoming a Roman citizen, he was possibly named Lucius Mestrius Plutarchus (). Family Plutarch was born to a prominent family in the small town of Chaeronea, about east of Delphi, in the Greek region of Boeotia. His family was long established in the town; his father was named Autobulus and his grandfather was named Lamprias. His brothers, Timon and Lamprias, are frequently mentioned in his essays and dialogues, which speak of Timon in particular in the most affectionate terms. Studies and life Plutarch studied mathematics and philosophy in Athens under Ammonius of Athens, Ammonius from AD 66 to 67. He attended th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
