46 U.S.C. § 57112: Requirements for purchasing…

Summary

To buy a vessel sold by the Federal Government at auction, a person must show three things: liability insurance for the vessel’s operator, enough money to pay for the vessel’s upkeep, and if the vessel needs documentation under chapter 121, an admiralty bond or stipulation. A "covered vessel" means one of three kinds: a government-owned vessel sold under this part and section 548 of title 40; a vessel seized or forfeited and auctioned by the Federal Government, including under section 7301 or 7302 of the Internal Revenue Code of 1986; or a fishing vessel seized or forfeited under section 310 of the Magnuson-Stevens Act (16 U.S.C. 1860).

Title 46, §57112

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(a)In General.—

To be eligible to purchase a covered vessel from the Federal Government, a person shall provide proof of— (1)

(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

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

§57112 Requirements for Purchasing Federally Auctioned Vessels

Summary

Title 46, §57112

Notes & Related Subsidiaries

Editorial Notes

References in Text

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