Flotsam is floating wreckage of a ship or its cargo. Jetsam is part of a
ship, its equipment, or its cargo that is purposefully cast overboard or
jettisoned to lighten the load in time of distress and that sinks or is
washed ashore. Lagan is cargo that is lying on the bottom of the ocean,
sometimes marked by a buoy, which can be reclaimed. Derelict is cargo that
is also on the bottom of the ocean, but which no one has any hope of
reclaiming. (Wikipedia)

From Webster's Revised Unabridged Dictionary (1913) [web1913]:

Ligan \Li"gan\ (l[imac]"g[ait]n), n. [Cf. L. ligare to bind, to
tie, ligamen band, bandage, E. ligament, or ligsam.] (Law)
Goods sunk in the sea, with a buoy attached in order that
they may be found again. See {Jetsam} and {Flotsam}. [Written
also {lagan}.] --Blackstone.

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