The-definition.com

Definition

Salvage

Salvage is the attempt to get repayment of some portion of a loan obligation which has already been written off the bank’s books.

Salvage also refers to

 1. Property that has some value in excess of its basic material content but is in such condition that it has no reasonable prospect of use for any purpose as a unit and its repair or rehabilitation for use as a unit is clearly impractical.  

2. The saving or rescuing of condemned, discarded, or abandoned property, and of materials contained therein for reuse, refabrication, or scrapping.

Webster Dictionary Meaning

1. Salvage
- Savage.
2. Salvage
- The act of saving a vessel, goods, or life, from perils of the sea.
- The compensation allowed to persons who voluntarily assist in saving a ship or her cargo from peril.
- That part of the property that survives the peril and is saved.
Share it:  Cite

More from this Section

  • Group Banking
    Group banking is a system where a group of banks are brought under the control of a holding ...
  • Net Present Value
    Net Present Value is capital budgeting criterion, which compares the present value of ...
  • Alternative investments
    Alternative investments refers to investments in hedge funds. Many hedge funds pursue ...
  • Hague Rules
    Hague Rules is anternational Convention for the Unification of Certain Rules relating ...
  • Bond swap
    Bond swap is the sale of one bond issue and purchase of another bond ...