Salvage Law
Salvage Law is a legal principle that governs the rights and responsibilities of individuals or companies that recover property lost at sea or in navigable waters. This law encourages salvors to assist distressed vessels or cargo by providing them with a financial reward, known as a salvage award, based on the value of the recovered property.
Under Salvage Law, the salvors must act voluntarily and without any pre-existing obligation to save the property. The law also emphasizes that the salvage operation must be successful, meaning that the property must be recovered in a way that benefits the owner, ensuring that salvors are compensated fairly for their efforts.