Salvage Value - Law Dictionary Search Results
Home Dictionary Name: salvage value Page 1 of about 6 results ( seconds)salvage value
salvage value 1 : the value of damaged property 2 : the actual or estimated value realized on the sale of a fixed asset at the end of its useful life NOTE: Salvage value is used in calculating depreciation. ...
Salvage-loss
Salvage-loss, the difference between the amount of salvage, after deducting the charges, and the original value of the property....
Salvage
Salvage, allowance or compensation made by maritime law to those by whose exertions ships or goods have been saved from the dangers of the seas, fire, pirates, or enemies.This was allowed by the laws of Rhodes, Oleron, and Wisby, and is also allowed by all modern maritime states; the person who saves goods from loss or imminent peril has a lien upon them, and may retain them till payment of salvage. In this, however, the maritime law differs from the Common Law. No doctrine similar to 'salvage' applies to things lost upon land, nor to anything except ships or goods in peril at sea, Falcke v. Scottish Imperial Insurance Co., (1886) 34 Ch D 248, per Bowen, L.J.If the salvage be performed at sea, or on land (Judic. Act, 1925, s. 22), the Court of Admiralty has jurisdiction, and fixes the sum to be paid, adjusts the proportions, and takes care of the property pending the suit; or, if necessary, directs a sale and divides the proceeds between the salvors and the proprietors. In fixing the r...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
Maritime lien
Maritime lien, is well defined to mean a claim or privilege upon a thing to be carried into effect by legal process, that process to be a proceeding in rem ...... This claim or privilege travels with the thing into whosoever possession it may come. It is inchoate from the moment the claim or privilege attaches, and when carried into effect by legal process by a proceeding in rem, relates back to the period when it first attached, Bold Buccbugh, The (1852) 7 Moo PCC 267: (1843-60) All ER Rep 125.A maritime lien is a claim which attaches to the res i.e., the ship, freight, or cargo. It may arise ex delicto, e.g., compensation for damage by collision, or ex contractu, for services rendered to the res; but it is strictly confined to services such as salvage, supply of necessaries to the ship, and seamen's wages, and the courts show no tendency to extend the privilege (see The Ripon City, 1897, P. 226). Thus for ordinary work done upon a ship, such as repairs, there will be no maritime lien...
Average
Average, a medium, a mean proportion used in various senses:-(1) A service which a tenant owes to his lord by doing work with his avers.(2) A shipping or insurance term. (a) Average, or more fully general average, is where any damage or loss has been properly and voluntarily incurred in respect of a ship or cargo for its safety, e.g., goods thrown overboard in a storm to lighten the ship. Such loss by maritime law is shared proportionately between the shipowners and the owners of the cargo, according to value. This risk is almost always covered by insurance. An Average Bond is a bond entered into by the consignees of a cargo with the shipowners, when a general average loss has been sustained by the ship, binding the former to pay their proportion as soon as ascertained. (b) Particular average is damage, or loss to a ship, or cargo, other than a general average loss. Such a loss rests where it falls, that is to say, is borne by the owner of the thing lost or damaged, or by his insurer, ...
- << Prev.
- Next >>