California Harbors and Navigation Code 456 – A lender upon a contract of bottomry, made by the master of a vessel, …
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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 authorize the master to hypothecate the vessel did not in fact exist, if, after due diligence and inquiry, the lender had reasonable grounds to believe, and did in good faith believe, in the existence of such circumstances.
(Enacted by Stats. 1937, Ch. 368.)
Terms Used In California Harbors and Navigation Code 456
- Contract: A legal written agreement that becomes binding when signed.
- Vessel: includes ships of all kinds, steamboats, steamships, canal boats, barges, sailing vessels, and every structure adapted to be navigated from place to place for the transportation of merchandise or persons. See California Harbors and Navigation Code 21