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crockett · 01-22-2007, 10:08 AM

FINDERS, KEEPERS ?

The law of salvage and the law of finds are the two principal aspects of admiralty law that provide legal guidance for how the issue of shipwreck ownership is approached. When property, such as a vessel and its cargo, is lost at sea, salvage law generally applies. Under the law of salvage, salvors take possession of, but not title to, the distressed vessel and/or its cargo. Subsequent to the salvage of a vessel or cargo, a court awards the salvors a reward depending on various factors, such as the value of the salvaged property, the risk involved, and the overall success of the salvage effort.

Historically, salvage was promoted as a means to rescue imperiled property in order to return it to the lawful owner and the stream of commerce. Recently, emphasis has also been placed on the elimination of navigational hazards and reduction of potential environmental impacts such as pollution and habitat degradation. As the law of salvage is intended to encourage rescue, when a ship is in distress and has been deserted by its crew, anyone can attempt salvage without the prior consent of the ship's owner.

01-22-2007, 10:08 AM
crockett in a van by the river Industry Role: Join Date: May 2003 Posts: 76,806	FINDERS, KEEPERS ? The law of salvage and the law of finds are the two principal aspects of admiralty law that provide legal guidance for how the issue of shipwreck ownership is approached. When property, such as a vessel and its cargo, is lost at sea, salvage law generally applies. Under the law of salvage, salvors take possession of, but not title to, the distressed vessel and/or its cargo. Subsequent to the salvage of a vessel or cargo, a court awards the salvors a reward depending on various factors, such as the value of the salvaged property, the risk involved, and the overall success of the salvage effort. Historically, salvage was promoted as a means to rescue imperiled property in order to return it to the lawful owner and the stream of commerce. Recently, emphasis has also been placed on the elimination of navigational hazards and reduction of potential environmental impacts such as pollution and habitat degradation. As the law of salvage is intended to encourage rescue, when a ship is in distress and has been deserted by its crew, anyone can attempt salvage without the prior consent of the ship's owner. __________________ In November, you can vote for America's next president or its first dictator.