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
- 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.
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