SALVAGE

In maritime law. A compensation allowed to persons by whose assistance a ship or its cargo has been saved, in whole or In part from impending danger, or recovered from actual loss, in cases of shipwreck, derelict, or recapture. In the older books of the law, (and sometimes in modern writings,) the term ia also used to denote the goods or property saved. Equitable salvage. By analogy, the term “salvage” is sometimes also used in cases which have nothing to do with maritime perils, but in which property has been preserved from loss by the last of several advances’by different persona is such a case, the person making the last advance ia frequently entitled to priority over the others, on the ground that, without his advance, the property would have been lost altogether. This right, which is sometimes called that of “equitable salvage,” and is in the nature of a hen, is chiefly of importance with reference to payments made to prevent leases or policies of insurance from being forfeited, or to prevent mines and similar undertakings from being stopped or injured. See 1 Fish. Mortg. 149; 3 Gh. Div. 411; L. R. 14 Eq. 4; 7 Ch. Div. 825. Salvage charges. This term includes all the expenses and costs incurred in the work of saving and preserving the property which was In danger. The salvage charges ultimately fall upon the insurers. Salvage loss. See Loss. Salvage service. In maritime law. Any service rendered in saving property on the sea, or wrecked on the coast of the sea.