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Loan on Respondentia
loan
Characteristics :
Repayment must be based on a maritime risk;
Where the ship is lost but the goods survive, the lender
on respondentia shall be entitled to repayment;
Where both the ship and goods are lost, the lender shall
lose the money lent.
Bottomry or
respondentia
Simple loan
be such
must
be
executed
in the
formal
requisites
accordance
with form and regarding
contracts
in
manner required in the code general would apply.
of commerce
must be recorded in the no such
registry of vessels in order to required
bind third persons
registration
is
Additional requisites:
Must conform to the registry of the broker who
premium
Transferability of the
contract
Requisites:
The contract must be made to order
Indorsement is necessary
Effects:
Indorsee acquire all the rights as well as the
corresponding obligations of the indorser.
Principal of Loan
Determine by fixing the value of good or in
merchandise.
In case the principal is larger than the object of
bottomry loan:
the loan shall be valid only for the amount of
object appraised by the experts
The surplus principal shall be returned with
legal interest for the entire time required for
payment.
and the
chargeable to his private account.
May discharge by the shipowner.
cost
are
Exceptions:
If the loss was caused by the inherent defect of
the thing
through the fault or malice of the borrower.
Barratry on the part of the captain
If the damages is the consequence of being
engaged in contraband.
If it arose it arose from having loaded the
merchandise on a vessel different from that
designated in the contract unless change made
by reason of force majeure.
respective interest.
In case of shipwreck
On cargo or goods
the proceed from salvage value of the
goods shall be apply first to the loan.
On vessel or any of its parts
The freightage earned during the
voyage shall be liable for payment of loan.
Delay in repayment
On principal of the loan
It bears legal interest
On premiums
It bears no legal interest