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Definition or meaning of the English word Hypothecation
The act or contract by which property is hypothecated; a right which a creditor has in or to the property of his debtor; in virtue of which he may cause it to be sold and the price appropriated in payment of his debt. This is a right in the thing; or jus (n.).
A contract whereby; in consideration of money advanced for the necessities of the ship; the vessel; freight; or cargo is made liable for its repayment; provided the ship arrives in safety. It is usually effected by a bottomry bond. See Bottomry. (n.).
