Latin. A term in the civil law, to denote the person who fits out, and equips a vessel, whether he be the absolute or qualified owner, or even a mere agent. In English, we generally use the word 'ship's husband,' but exercitor is generally used to designate and distinguish from among several part owners of a ship, the one who has the immediate care and management of her. The person to whom the daily profits of a ship belong. This name (although it includes a freighter or hirer) is generally given to the master of a ship, who has power by his acts to render the owners of it bound for the obligations undertaken by him in connection therewith. See Actio institoria.