SALVAGE LIEN Meaning and
Definition
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A salvage lien refers to the legal right or claim that allows a person or entity, namely a salvor, to retain possession of property until they are compensated for their efforts in salvaging or rescuing it. This lien is established on the principle that the salvor should receive compensation for their services in preventing or minimizing the loss or damage to the property.
In the context of maritime law, a salvage lien typically arises when a salvor renders assistance in saving a distressed vessel or its cargo from perils such as sinking, fire, or other maritime emergencies. The salvor may be the owner of the vessel itself, a professional salvor, or any individual or organization that intervenes and successfully salvages the vessel or cargo. Once the salvage has been performed, the salvor obtains a legal right to retain possession of the property until they receive appropriate compensation.
A salvage lien is mainly recognized and protected by international conventions and national legislations. It grants the salvor the right to retain the possession of the salvaged property against the claims of the owner or other parties until a mutually agreed or court-determined amount is paid as remuneration for the salvage efforts. The lien also allows the salvor to exercise certain legal rights, including arresting or detaining the property, thereby providing security for their claim.
Common Misspellings for SALVAGE LIEN
- aalvage lien
- zalvage lien
- xalvage lien
- dalvage lien
- ealvage lien
- walvage lien
- szlvage lien
- sslvage lien
- swlvage lien
- sqlvage lien
- sakvage lien
- sapvage lien
- saovage lien
- salcage lien
- salbage lien
- salgage lien
- salfage lien
- salvzge lien
- salvsge lien
- salvwge lien
Etymology of SALVAGE LIEN
The word "salvage" comes from the Latin word "salvare", meaning "to save" or "to rescue". The term "lien" comes from the Middle English word "lien", which means "bond" or "obligation".
In the context of a "salvage lien", the word "salvage" refers to the act of recovering, saving, or retrieving a distressed or wrecked property, typically a vessel or cargo, from danger or loss at sea. A "lien" refers to the legal claim or right to hold property belonging to someone until a debt or obligation is fulfilled.
Therefore, the term "salvage lien" combines both elements, indicating the legal right or claim of the salvor (a person or entity involved in the salvage) to hold the salvaged property until compensation or reimbursement for the salvage efforts is received.
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