View all text of Subchapter I [§ 12101 - § 12108]
§ 12107. Wrecked vessels
(a)Requirements.—A vessel is a wrecked vessel under this chapter if it—
(1) was wrecked on a coast of the United States or adjacent waters; and
(2) has undergone repairs in a shipyard in the United States equal to at least 3 times the appraised salvage value of the vessel.
(b)Appraisals.—The Secretary may appoint a board of three appraisers to determine whether a vessel satisfies subsection (a)(2). The costs of the appraisal shall be paid by the owner of the vessel.
(Pub. L. 109–304, § 5, Oct. 6, 2006, 120 Stat. 1494.)