United States Code
USC most recently checked for updates: Jun 09, 2025
§ 57112.
Requirements for purchasing federally auctioned vessels
(a)
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)
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).
cite as: 46 USC 57112
