New For Old
A Dictionary of Law · Henry Campbell Black · 1891
A Dictionary of Law
In making an adjnstment of a partial loss under a policy of marine insurance, the rule is to apply the old materials towards the payment of the new, by deducting the value of them from the gross 2mount of the expenses for repairs, and to allow the deduction of one-third new for ald upon the balance.
3 Kent, Comm, 339.