Search Results for: FINANCE

finance lease

A fixed-term lease used by a business to finance capital equipment. • The lessor’s service is usu. limited to financing the asset, and the lessee pays maintenance costs and taxes and has the option of purchasing the asset at lease-end for a nominal price. Finance leases strongly resemble security agreements and are written almost exclusively

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bottomry

bottomry. Maritime law. A contract by which a shipowner pledges the ship as security for a loan to finance a voyage (as to equip or repair the ship), the lender losing the money if the ship is lost during the voyage. • The term refers to the idea that the shipowner pledges the ship’s bottom,

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