Whenever a marine insurer pays for a loss as if it were an actual total loss, he is entitled to whatever remains of the subject matter insured, or its proceeds or salvage, to the same extent as in the case of a formal abandonment.
Cal. Ins. Code § 1979
Loss in Marine Insurance
Applied in 1 court decision — leading case 229 F. Supp. 298 - Rose v. United States (1964)
Most recently applied in 229 F. Supp. 298 - Rose v. United States (March 1964)
Enacted by Stats. 1935, Ch. 145.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.