The master may hypothecate the whole of the cargo, or a part of it, to raise funds, in a case of sufficient necessity. (q) He may do this by a bill of sale properly conditioned; but more usually and more properly by an instrument, which is called a Respondentia Bond.

This bond is nearly the same thing in respect to the cargo, which the bottomry bond is in respect to the ship; and it is construed and governed by similar principles as to its necessity, and as to its operation. (r) Thus, a loan on respondentia is a loan on maritime interest. It must therefore be made dependent for payment, both of principal and interest, on the safe arrival of the goods. And if they are lost, the lender has no claim for any payment whatever. (s) Usually the master gives to the respondentia creditor bills of lading, duly indorsed. This act may give to the creditor additional security, by the constructive possession of the goods; but it gives him no claim if they are lost. (t)