Thanks Dave, you have clarified it very well.
"The right to a salvage award creates a lien on the vessel in favor of the
salvor, and if the lien is not discharged by payment the lien holder could
require sale of the vessel to satisfy the award."
I see a thin line between an award and a prize.
At the end the award could outweigh the residual value of the vessel. By
the time all bills are paid it may more feasible for the owner to forgo his
vessel to the salvor. At one time, when I had a short wave radio I found it
very interesting to monitor the salvaging (Towing) companies during may day
and storms.


"Dave" wrote in message
...
On Sat, 11 Nov 2006 02:44:09 GMT, said:

Not too long ago the maritime
jurisprudence was that if a boat/ship was abandoned at sea it became the
property of anyone who was able to rescue or salvage it.

I think you may be a bit confused here. The law for a very long time has
been that one who salvages a vessel is entitled to a salvage award, with
the
amount of the award based on a number of factors, including among other
things the skill required and the danger incurred in the salvage
operations.
The right to a salvage award creates a lien on the vessel in favor of the
salvor, and if the lien is not discharged by payment the lien holder could
require sale of the vessel to satisfy the award. But the act of salvage
does
not in and of itself transfer title to the vessel to the salvor, whether
or
not the vessel was abandoned at sea.