jetsam Flotsam and lagan

Flotsam, jetsam, and lagan, terms in maritime law relating to goods lost at sea. Goods thrown overboard (to lighten a ship) and that float are flotsam; those that sink are jetsam, but if they sink and are flagged to indicate ownership, they are lagan. These goods are subject to the law of salvage whereby the finder is entitled to reward.

See also: Salvage.