What is the law of marine salvage?

Marine salvage is the law that deals with the recovery of any vessels, cargo, and goods that have been lost at sea. It establishes the rights and responsibilities of the salvors (the people who rescue the vessels, cargo, and goods) and the resuers (the people who own the lost property). In Minnesota, the law of marine salvage is codified in the Minnesota Maritime Law. This law provides that the owners of the lost property may be obligated to pay either a salvage award or a general average contribution. A salvage award is a payment to the salvor for the service of saving the vessel and/or its cargo. A general average contribution is a payment made by the owners of the saved property to the salvors to reimburse them for necessary expenses incurred during the salvage operation, such as the cost of fuel and of repairs. The law also establishes the rules for determining the amount of the salvage award and the general average contribution. Generally, the greater the risks involved in the salvage operation and the greater the success of the operation, the higher the salvage award and the general average contribution. In addition, the law also sets forth the procedures for filing and settling claims for a salvage award or a general average contribution. Furthermore, the law of marine salvage also provides the salvor with certain privileges and immunities, which give the salvor certain protections from legal liability when they are engaging in a salvage operation. It also provides the salvor with certain maritime liens, which allow them to secure legal claims against the rescued property in order to receive payment for their services. Finally, the law also establishes the rights and responsibilities of the salvor in regard to the safe storage and disposition of the rescued property.

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What is the law of marine salvage?

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