A more thorough explanation:

Prize law is a set of rules and regulations that govern the capture of vessels, cargo, or other property at sea during an armed conflict. It is a part of maritime law and deals with the rights of the captor, the distribution of the proceeds of capture, and other related matters.

For example, if two countries are at war, and one country captures a ship belonging to the other country, it becomes a prize. The captor has certain rights over the prize, such as the right to sell it and keep the proceeds. However, there are also rules that govern how the prize should be treated. For instance, warships can be sunk, but private merchant ships should be taken to friendly ports for adjudication by a prize court whenever possible. Coastal fishing vessels of any nation have the right not to be seized while engaged in trade.

Prize law is not the same in every country, but there are some common basic rules that are followed by most countries. These rules are designed to ensure that the capture of prizes is conducted in a fair and orderly manner.

Overall, prize law is an important part of international law that helps to regulate the conduct of armed conflicts at sea.