Legal Definitions - master's draft

A Master's Draft is a type of contract in maritime law where a ship's master borrows money to cover necessary expenses. The loan is secured by the vessel and its freight, and is payable from the first freight the ship receives.

For example, if a ship's master needs to purchase fuel, food, and other supplies for the ship's journey, but does not have enough money, they may take out a Master's Draft. The loan will be repaid from the first freight the ship receives, such as payment for goods that are being transported.

Another example could be if a ship's master needs to make repairs to the ship while at sea, but does not have the funds to do so. They may take out a Master's Draft to cover the cost of the repairs, and repay the loan from the first freight the ship receives.

Overall, a Master's Draft is a way for a ship's master to obtain necessary funds for the ship's expenses, while also providing security for the lender through the vessel and its freight.