...I'm real curious what the M-714 does...M-714 looks like it monitors the two battery voltages and likely connects them together... when the engine is running? Or ______?...
http://www.amazon.com/Ancor-714-140A-DVSR-Battery-Selector-Switch/dp/B00BO89OOK
DVSR: dual voltage sensing relay.
Basically anytime the batteries are being charged (engine running, plugged in to 110v, solar, etc) the DVSR will connect them so leisure and start batteries stay charged up. They're typically set so the start batteries get charge to a certain point (sensed voltage) before the charge gets shared amongst all the batteries. The difference in a DVSR and a VSR is the dual voltage senses both leisure and start batteries so they can be connected to share a charge coming from either side, engine (alternator) or auxillary systems (solar, shore power, etc). The one I linked too also has a manual switch for isolating or connecting the batteries regardless of charge state, like for jump starting the engine with the leisure battery, etc.
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The OP rig doesn't have the DVSR I'm guessing but instead the old, inefficient diode isolator with a big aluminum heatsink. Nothing wrong with it per se, but there are better, more efficient ways to do the job nowadays. The M-714 switch is layed out on the right side of the pen and ink, shunt output goes to isolator center terminal than to M-714 to be connected to either bat 1, bat 2, or both and based on the M-714 top center connection being to Ign. Circuit Breaker #4, I'm guessing the batteries are connected anytime the key is on.
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Back to the shunt, its input comes from the alternator via a 4 awg red wire. This wire is probably where the fusible link blew, more accurately the fusible links were likely at the alternator's connection to the starter solenoid which is probably where the alternator and this 4 awg cable meet since those get used as junction blocks a lot of times. Lack of power here causes lack of power to isolator and to the M-714 which causes loss of power to whole rig unless m-714 is manually switched to pair battery banks.
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Like a car with keyless entry remotes, when the remote battery dies you have to unlock the doors manually or in this case, when the fused link blows, you have to switch the battery banks manually but you'd still not have alternator power for recharging so you'd not be driving far.