A more thorough explanation:

Respondentia is a type of loan where a lender gives money to a borrower using a valuable item, like a ship or cargo, as collateral. The borrower agrees to pay back the loan with interest, and if they can't, the lender can take possession of the collateral and sell it to recover their money.

Let's say a ship owner needs money to pay for repairs and operating costs. They can't get a traditional loan because they don't have any other assets to use as collateral. So, they enter into a respondentia agreement with a lender. The lender gives them the money they need, using the ship as collateral. The ship owner agrees to pay back the loan with interest, and if they can't, the lender can take possession of the ship and sell it to recover their money.

Another example could be a cargo owner who needs money to pay for transportation costs. They can use the cargo as collateral in a respondentia agreement with a lender. The lender gives them the money they need, and the cargo owner agrees to pay back the loan with interest. If they can't, the lender can take possession of the cargo and sell it to recover their money.

These examples illustrate how respondentia works and how it can be used as a way to secure a loan when traditional collateral isn't available.