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CHAPTER 32 Rule XX: Provision of Funds

York Antwerp Rules


Page 221

CHAPTER 32

Rule XX: Provision of Funds

Rule XX: Provision of Funds

  • (a) The capital loss sustained by the owners of goods sold for the purpose of raising funds to defray general average disbursements shall be allowed in general average.
  • (b) The cost of insuring general average disbursements shall be allowed in general average.

Introduction

32.01 The law maritime has always recognised the obligation of co-adventurers to furnish funds in the event of an emergency. Lowndes tells us, on the authority of the Consolado del Mare, that “if the merchants have money, and if they are in a place where the master has need of supply or things necessary for the ship, the merchant must lend it to him”, subject to the agreement of the co-adventurers. However, if funds were available from an outside source, the merchants were not obliged to lend their money to the master, though they might do so if they thought fit.

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