Admiralty Liability

DEFINITION of 'Admiralty Liability'

A risk, event or conduct that would run afoul of admiralty (maritime) laws, thereby putting the matter under the jurisdiction of an admiralty court. Most notably, matters subject to admiralty law do not require trial by jury.

BREAKING DOWN 'Admiralty Liability'

Admiralty law is quite complex, and does not necessarily coincide with U.S. law, thereby creating many jurisdictional issues. Common law precedents (such as fair and equitable settlement) do not necessarily apply. Originally developed to encourage shipping commerce, admiralty law has only very recently recognized the rights of crewmen. In the U.S., this was accomplished through the Jones Act, which gives crewmen the right to trial by jury in negligence cases, for example.

RELATED TERMS
  1. Admiralty Proceeding

    Any matter that comes before an admiralty court that involves ...
  2. Admiralty Court

    Any court governed by admiralty law, whether the court is officially ...
  3. Maritime Law

    A body of laws, conventions and treaties that governs international ...
  4. Juris Doctor - JD

    A law degree in the United States that was originally designed ...
  5. Financial Responsibility Law

    A law which requires an individual to prove that he or she is ...
  6. Natural Law

    A set of rules inherent in human behavior and human reasoning ...
Related Articles
  1. Professionals

    Income Tax Law Fundamentals

    Income Tax Law Fundamentals
  2. Economics

    Law Of Diminishing Marginal Utility

    Learn about this law of economics related to consumption.
  3. Professionals

    Career Advice: Investment Banking Vs. Law

    Learn some of the most important differences between a career in investment banking and law, and figure out which career suits you better.
  4. Professionals

    Standard I-A: Knowledge of the Law

    CFA Level 1 - Standard I-A: Knowledge Of The Law
  5. Professionals

    Career Advice: Accounting Vs. Law

    Identify the key differences between working in accounting and working in law. Understand which specific skills make you better-suited for each career.
  6. Professionals

    The Administrator

    North American Securities Administrators Association (NASAA) As the name indicates, NASAA is an organization of securities Administrators. The term "Administrator" is a generic title ...
  7. Professionals

    Secondary Authority & Research Sources

    Secondary Authority
  8. Professionals

    Blue Sky Laws

    FINRA Series 6 Exam Study Guide - Blue Sky Laws. This section addresses state securities laws, which are called blue sky laws.
  9. Entrepreneurship

    Zoning Laws for Home Based Businesses

    Understand what types of home-based businesses are allowed and what types of businesses aren't allowed. Learn what to do to ensure zoning compliance.
  10. Entrepreneurship

    Make Sure Your Business Complies with These 3 Environmental Laws

    Discover why 1970 is considered the year of the environment, and learn about several major environmental laws with which businesses must comply.
RELATED FAQS
  1. John King, a CFA, resides in Jurisdiction A, where the securities laws and regulations ...

    The correct answer is d. Since the Law of Locality applies, and King performs his business in Jurisdiction B (where securities ... Read Answer >>
  2. Are there international maritime laws that govern delivery duty paid?

    Learn about the interaction of international maritime laws and delivery duty paid. Find out more about the distinguishing ... Read Answer >>
  3. What does the law say about non-U.S. citizens buying stocks of U.S. companies? Are ...

    The law is very fuzzy on the matter of who may own U.S. securities and for what purpose. The U.S. follows the common law ... Read Answer >>
  4. Is a person registered for Financial Instruments Business eligible to conduct both ...

    Explore Japan's 2006 Financial Instruments and Exchange Law, and understand how the law affects investment services regulation. Read Answer >>
  5. Does the law of demand in economics describe real human behavior?

    Learn how the law of demand can be used to describe human nature, even if it cannot always produce accurate predictions about ... Read Answer >>
  6. How do sunshine laws help investors?

    Sunshine laws are U.S. federal and state laws that require regulatory authorities' meetings, decisions and records to be ... Read Answer >>
Hot Definitions
  1. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  2. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  3. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  4. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  5. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
  6. DuPont Analysis

    A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are ...
Trading Center