46 USC 57112 - Requirements for purchasing federally auctioned vessels

U.S Code last checked for updates: Apr 11, 2025

§ 57112.

Requirements for purchasing federally auctioned vessels

(a)

In General.—

To be eligible to purchase a covered vessel from the Federal Government, a person shall provide proof of—

(1)

liability insurance for the operator of such covered vessel;

(2)

financial resources sufficient to cover maintenance costs of such covered vessel; and

(3)

with respect to a covered vessel requiring documentation under chapter 121, an admiralty bond or stipulation.

(b)

Covered Vessel Defined.—

In this section, the term “covered vessel” means—

(1)

a government owned vessel disposed of in accordance with this part and section 548 of title 40;

(2)

a vessel seized or forfeited pursuant to any law, and auctioned by the Federal Government, including a vessel seized or forfeited pursuant to section 7301 or 7302 of the Internal Revenue Code of 1986; or

(3)

a fishing vessel seized or forfeited pursuant to section 310 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1860).

(Added Pub. L. 118–159, div. C, title XXXV, § 3532(a), Dec. 23, 2024, 138 Stat. 2312.)

cite as: 46 USC 57112