An article is "lost" when the owner has lost the possession or custody of it, involuntarily and by any means, but more particularly by accident or his own negligence or forgetfulness, and when he is ignorant of its whereabouts or cannot recover it by an ordinarily diligent search. Lost or not lost. A phrase sometimes inserted in policies of marine insurance to signify that the … [Read more...]
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TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.