In a Limitation Action the shipowner will post a bond reflecting the value of the vessel and her pending freight.
2.
See Limitation of Liability Act of 1851 . " After the Titanic sank, the only portion of the ship remaining were the 14 lifeboats, which had a collective value of about $ 3, 000, and the " pending freight, " bringing the total to about $ 91, 000.
3.
The owners of the Titanic were successful in showing that the sinking occurred without their privity and knowledge, and therefore, the families of the deceased passengers, as well as the surviving passengers who lost their personal belongings, were entitled to split the $ 91, 000 value of the remaining lifeboats and pending freight " . talk ) 17 : 39, 12 June 2014 ( UTC)
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