Respondentia

Respondentia

Summary of Respondentia

The pledge of cargo by a vessel’s master as collateral for a loan to permit the ship to continue on its journey or to make arrangements to forward the goods. The bond so created gives the lender a Maritime Lien (read this and related legal terms for further details) on the goods pledged, with the provision that no repayment shall be made if the goods do not arrive at destination; if only part of the cargo arrives intact, repayment will be proportional.

(Main Author: William J. Miller)


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