California Laws: Harbors and Navigation Code Sections 450-462
- California Laws: Harbors and Navigation Code 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...
- California Laws: Harbors and Navigation Code 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. ...
- California Laws: Harbors and Navigation Code 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...
- California Laws: Harbors and Navigation Code 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...
- California Laws: Harbors and Navigation Code 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....
- California Laws: Harbors and Navigation Code 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....
- California Laws: Harbors and Navigation Code 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...
- California Laws: Harbors and Navigation Code Section 457
A stipulation in a contract of bottomry, imposing any liability for the loan independent of the maritime risks, is void. ...
- California Laws: Harbors and Navigation Code 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...
- California Laws: Harbors and Navigation Code 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...
- California Laws: Harbors and Navigation Code Section 460
A bottomry lien is independent of possession, and is lost by omission to enforce it within a reasonable time. ...
- California Laws: Harbors and Navigation Code 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...
- California Laws: Harbors and Navigation Code Section 462
Of two or more bottomry liens on the same subject, the latter in date has preference, if created out of necessity. ...
