Legal Definitions - pecunia trajectitia

Pecunia Trajectitia is a historical legal concept originating from Roman law. It refers to a specialized type of loan specifically designed to finance the transport of goods by sea. The defining characteristic of pecunia trajectitia is that the lender, rather than the borrower, assumes the primary risk of loss for the goods during the maritime voyage. If the ship or its cargo were lost due to perils of the sea (such as storms, piracy, or shipwreck), the borrower was typically absolved from the obligation to repay the principal amount of the loan. If the goods arrived safely at their destination, the borrower would repay the loan, often with a higher interest rate to compensate the lender for the significant risk undertaken.

Here are some examples to illustrate this concept:

• Imagine a Roman merchant, Marcus, who wishes to purchase a valuable cargo of silk from Alexandria and transport it by ship back to Rome for sale. Marcus secures a loan from a wealthy financier, Lucius, specifically for this voyage. The agreement stipulates that if the ship carrying the silk is lost at sea, Marcus will not be required to repay the loan to Lucius. However, if the silk arrives safely in Rome, Marcus will repay the loan along with a substantial premium.

  This illustrates pecunia trajectitia because Lucius (the lender) provides funds for a specific sea transport (silk from Alexandria to Rome) and explicitly bears the risk of the cargo being lost during the voyage. If the silk is lost, Lucius loses his investment.

• Consider a shipowner, Julia, who has a contract to transport a large quantity of grain from Sicily to Ostia. Before the voyage, Julia needs funds to purchase the grain and cover the ship's provisions. She obtains a loan from a merchant, Gaius, under the condition that if the ship carrying the grain founders or is captured by pirates, Julia is not obligated to repay the loan. If the grain arrives safely, she will repay Gaius the principal plus an agreed-upon sum.

  Here, Gaius (the lender) provides money for the acquisition and sea transport of goods (grain). His willingness to absorb the risk of the ship or cargo being lost at sea, thereby releasing Julia from repayment in such an event, is the essence of pecunia trajectitia.

• A trader, Quintus, wants to buy a consignment of exotic timber from distant lands and ship it to the Roman market. He approaches a moneylender, Octavia, for a loan to cover the cost of the timber and its maritime freight. Their contract specifies that if the vessel transporting the timber is shipwrecked or otherwise fails to deliver the goods due to maritime perils, Quintus will be excused from repaying the loan. Only upon the safe arrival of the timber will the loan be due, with an added interest payment.

  This scenario demonstrates pecunia trajectitia as Octavia (the lender) provides capital for goods intended for sea transport, and she explicitly accepts the financial risk associated with the safe delivery of those goods across the sea. If the timber is lost at sea, Octavia bears the financial burden.