Proceeds
Dictionary of Terms and Phrases Used in American or English Jurisprudence · Benjamin Vaughan Abbott · 1879
Dictionary of Terms and Phrases Used in American or English Jurisprudence
Insurance upon the proceeds of the outward cargo, effected by a valued policy on -a voyage out and home, the credit of the outward.
Haren v. Gray, 12 Mass. 71.
In general, the expression proceeds of a cargo includes the return or substituted cargo, or property, acquired by sale or exchange of the goods originally shipped.
Dow V. Hope Ins. Co., 1 Hall, 166.
But where insurance was effected on goods "out," and the "proceeds thereof home," it was held that, if the identical goods composing the outward cargo were brought home, as in the return voyage, they could not be considered as included in the words proceeds home, nor as covered by the policy. Dow u.
Whetten, 8 Wend. 160.
Proceeds was held to mean the amount of money that in the future would be obtained for the property upon a disposition of it by sale, in Belmont v. Powvert, 35 N. Y. Superior Ct. 208.