§57112. Requirements for purchasing federally auctioned vessels

§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).

Editorial Notes

References in Text

Sections 7301 and 7302 of the Internal Revenue Code of 1986, referred to in subsec. (b)(2), are classified to sections 7301 and 7302, respectively, of Title 26, Internal Revenue Code.