(1) A transportation contract shall be terminated on any of the following grounds:
1. When a ship has been sunken or lost;
2. When a ship has become irreparable;
3. When a ship has been captured;
4. When cargo has been lost due to force majeure.
(2) Where a ground set forth in any of paragraph (1) 1 through 3 has arisen on a voyage, a consignee shall pay the freight in proportion to the transportation already completed within the limit of the value of the existing cargo.[This Article Wholly Amended by Act No. 8581, Aug. 3, 2007]