539. Right to hypothecate the cargo: bottomry and respondentia.

Subject to certain conditions, the master is entitled, as agent of necessity on behalf of the cargo owner, to hypothecate the cargo for the purpose of raising funds to enable him either to complete the voyage in the same ship, or to forward the goods to their destination. Such a hypothecation of cargo only is called 'respondentia'; where ship and freight are included, the contract is called 'bottomry'1