California Harbors and Navigation Code ARTICLE 1 - Bottomry

• Section 450.
  Bottomry is a contract by which a vessel or its freightage is hypothecated as security for a loan, which is to be repaid only if...
• Section 451.
  The owner of a vessel may hypothecate it or its freightage, upon bottomry, for any lawful purpose, and at any time and place.(Enacted by Stats....
• Section 452.
  The master of a vessel may hypothecate it upon bottomry only for the purpose of procuring repairs or supplies which are necessary for accomplishing the...
• Section 453.
  The master of a vessel can hypothecate it upon bottomry only when he can not otherwise relieve the necessities of the vessel, and is unable...
• Section 454.
  The master of a vessel may hypothecate freightage upon bottomry, under the same circumstances as those which authorize an hypothecation of the vessel by him.(Enacted...
• Section 455.
  Upon a contract of bottomry, the parties may lawfully stipulate for a rate of interest higher than that allowed by the law upon other contracts....
• Section 456.
  A lender upon a contract of bottomry, made by the master of a vessel, as such, may enforce the contract, though the circumstances necessary to...
• Section 457.
  A stipulation in a contract of bottomry, imposing any liability for the loan independent of the maritime risks, is void.(Enacted by Stats. 1937, Ch. 368.)
• Section 458.
  If there is a total loss of the thing hypothecated, from a risk to which the loan was subject, the lender upon bottomry can recover...
• Section 459.
  Unless it is otherwise expressly agreed, a bottomry loan becomes due immediately upon the termination of the risk, although a term of credit is specified...
• Section 460.
  A bottomry lien is independent of possession, and is lost by omission to enforce it within a reasonable time.(Enacted by Stats. 1937, Ch. 368.)
• Section 461.
  A bottomry lien, if created out of a real or apparent necessity, in good faith, is preferred to every other lien or claim upon the...
• Section 462.
  Of two or more bottomry liens on the same subject, the latter in date has preference, if created out of necessity.(Enacted by Stats. 1937, Ch.

Last modified: October 22, 2018