Theo. H. Davies & Co. v. Soelberg

Citations

• 24 Wash. 308
• 64 P. 540
• 1901 Wash. LEXIS 535

Syllabus

<p>SHIPPING-BOTTOMRY BOND-COLLATERAL SECURITY-LIABILITY OF OWNER ON LOSS OF VESSEL.</p> <p>Where the master of a steamship gave a bottomry bond upon a vessel, her cargo and freight, to cover advances made to enable her to pursue her voyage, at the same time drawing a draft upon the owners for the amount of the bottomry bond; and on the day following the execution of the bottomry bond and draft another bond was executed by an attorney in fact of the owners to secure said draft, in which, it is recited that the consideration therefor is the acceptance' by the obligee of a bottomry bond to secure the sum advanced; the three instruments must all be considered as part of one transaction, governed by the rule applicable to the bottomry bonds, whereby the owners’ liability is dependent on safe arrival of the vessel in port; and hence, where the vessel was lost, the bond given by the owners to secure the draft included in the bottomry obligation did not create any personal liability against them.</p>