Respondentia in United States

Respondentia Definition

In maritime law. A loan of money, on maritime interest, on goods laden on board of a ship, upon the condition that, if the goods be wholly 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. The contract is called respondentia because the money is lent mainly or most frequently, on the personal responsibility of the borrower. It differs principally from bottomry (q. V.) 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 most 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 borrower ; in the latter, the lender has, in general, it is said, only the personal security of the borrower. Marsh. Ins. bk. 2, c. 1, p. 734. The general term, including both respondentia and bottomry, is hypothecation (q. v.)

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Legal Issue for Attorneys

In maritime law. A loan of money, on maritime interest, on goods laden on board of a ship, upon the condition that, if the goods be wholly 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. The contract is called respondentia because the money is lent mainly or most frequently, on the personal responsibility of the borrower. It differs principally from bottomry (q. V.) 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 most 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 borrower ; in the latter, the lender has, in general, it is said, only the personal security of the borrower. Marsh. Ins. bk. 2, c. 1, p. 734. The general term, including both respondentia and bottomry, is hypothecation (q. v.)

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This definition of Respondentia is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Practical Information

Note: Some of this information was last updated in 1982

A loan usually made to the master of a ship in a foreign port in cases of emergency for which the cargo aboard the ship is pledged as security. If the cargo is lost in the course of the voyage, the lender loses his or her money; if the cargo arrives safely at its destination, the borrower pays the sum borrowed plus the agreed interest. Like bottomry loan (in U.S. law), respondentia bonds are becoming obsolete. The term bottomry loan is used when the ship, rather than its cargo, is used as security for a loan.

(Revised by Ann De Vries)

What is Respondentia?

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