Recoverable Legal Meaning and Definition

Here is a simplified definition of the legal term Recoverable.

Recoverable (adjective)

Definition: Referring to a sum of money or a thing that can be gotten back or recovered. Often used to denote the specific amount of money that an individual can legally claim as part of their right. For instance, in the case of pledged property, the recoverable amount would be what is owed to the person if the other party fails to meet their obligations. Any remaining value would typically go back to the owner.