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I'm confused by these two statements: 1. "if you find a ship floating away or something at the bottom of the ocean, it is yours to keep" 2. "The insurance com
by rahimnathwani 5y ago
I'm confused by these two statements:
1. "if you find a ship floating away or something at the bottom of the ocean, it is yours to keep"
2. "The insurance company claims that they have title to that gold, hence a deal with the salvage company."
#1 says the salvage company has full claim to the gold
#2 says the insurance company has some claim
If the salvage company owns the gold, why can't they just ignore the insurance company and sell to the highest bidder?
- itisit 5y agoOwnership and title aren't exactly the same thing.
- pvaldes 5y ago> "if you find something at the bottom of the ocean, it is yours to keep" This is not so clear in the age of the submarine communication cables
- wahern 5y agoI think point #1 is wrong. According to the International Convention on Salvage, the salvor has a right to a reward. See https://www.jus.uio.no/lm/imo.salvage.convention.1989 https://www.jus.uio.no/lm/imo.salvage.convention.1989 Negotiations, arbitration, and legal disputes likely have to do with establishing the amount of the award; that and all the other potential ancillary issues, like time bars, establishing rightful owner (e.g. not abandoned), subrogation rights, etc.