View all text of Chapter 571 [§ 57100 - § 57112]
§ 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.)