salvage

A reward for services successfully rendered in saving property from maritime danger by one under no obligation or duty to render the services. Three States Lumber Co. v Blanks (CA6 Tenn) 133 F 479. The compensation allowed to persons by whose voluntary assistance a ship at sea, or her cargo, or both, have been saved in whole or in part from impending sea peril, or in recovering such property from actual peril or loss, as in cases of shipwreck, derelict or recapture. 47 Am J1st Salv § 2. Property of some value obtained from the remains of properties subjected to catastrophe, such as fire or flood. Springfield Fire & Marine Ins. Co. v Hays, 57 Okla 266, 156 P 673. A comparatively small amount recovered from an investment which has gone dead. Anno: 103 ALR 1286, s. 116 ALR 1356, 1357.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

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