prize

Anything offered as a reward of contest. A reward offered to the person who, among several persons or among the public at large, shall first (or best) perform a certain undertaking or accomplish certain conditions. An award or recompense for some act done; some valuable thing offered by a person for something done by others. It is distinguished from a "bet" or "wager" in that it is known before the event who is to give either the premium or the prize, and there is but one operation until the accomplishment of the act, thing, or purpose for which it is offered. The fair market value of a prize or award is generally includible in gross income.

Certain exceptions are provided where the prize or award is made in recognition of religious, charitable, scientific, educational, artistic, literary, or civic achievement providing certain other requirements are met. I.R.C. No. 74.

A vessel or cargo, belonging to one of two belligerent powers, apprehended or forcibly captured at sea by a war-vessel or privateer of the other belligerent, and claimed as enemy's property, and therefore liable to appropriation and condemnation under the laws of war. The apprehension and detention at sea of a ship or other vessel, by authority of a belligerent power, either with the design of appropriating it, with the goods and effects it contains, or with that of becoming master of the whole or a part of its cargo

@ prize courts

Courts having jurisdiction to adjudicate upon captures made at sea in time of war, and to condemn the captured property as prize if lawfully subject to that sentence.

In England, the admiralty courts have jurisdiction as prize courts, distinct from the jurisdiction on the instance side. A special commission issues in time of war to the judge of the admiralty court, to enable him to hold such court.

In the United States, the federal district courts have jurisdiction in cases of prize. 28 U.S.C.A. No. 1333

@ prize goods

Goods which are taken on the high seas, jure belli, out of the hands of the enemy

@ prize law

The system of laws and rules applicable to the capture of prize at sea; its condemnation, rights of the captors, distribution of the proceeds, etc.

@ prize money

A dividend from the proceeds of a captured vessel, etc., paid to the captors. U. S. v. Steever, 113 U.S. 747, 5 S.Ct. 765, 28 L.Ed. 1133

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