What is Out Of Time?

Legal Definition
A mercantile phrase applied to a ship or vessel that has been so long at sea as to justify the belief of her total loss. In another sense, a vessel is said to be out of time when, computed from her known day of sailing, the time that has elapsed exceeds the average duration of similar voyages at the same season of the year. The phrase is identical with "missing ship." 2 Duer, Ins. 469.
-- Black's Law Dictionary
Legal Definition
Overdue, as a ship.
-- Ballentine's Law Dictionary