Harbors and Navigation Code § 458
‹ § 457§ 459 ›Open in browserleginfo ↗458.
If there is a total loss of the thing hypothecated, from a risk to which the loan was subject, the lender upon bottomry can recover nothing; if a partial loss, he can recover only to the extent of the net value to the owner of the part saved.
(Enacted by Stats. 1937, Ch. 368.)