FLOTSAM, JETSAM, LIGAN or FLOTSAN
A name for the goods which float upon the sea when a ship is sunk.
JETSAM or JETTISON
The casting out of a vessel, from necessity, a part of the lading; the thing cast out also bears the same name; it differs from flotsam in that in the latter the goods float while in the former they sink and remain under water.
The jettson must be made for sufficient cause and not from groundless timidity. In must be made in a case of extremity, when the ship is in danger of perishing by the fury of a storm, is laboring upon rocks or shallows, or is closely pursued by pirates or enemies.
If the residue of the cargo be saved by such sacrifice, the property saved is bound to pay a proportion of the loss. In ascertaining such average loss, the goods lost and saved are both to be valued at the price they would have brought at the place of delivery on the ship's arrival there, freight, duties and other charges being deducted.
LIGAN or LAGAN. Goods cast into the sea tied to a buoy, so that they may be found again by the owners.
When goods are cast into the sea in storms or shipwrecks and remain there without coming to land, they are distinguished by the names of jetsam, flotsam, and ligan.