46 U.S.C. § 57112 — Requirements for purchasing federally auctioned vessels
submitted 2 years ago by Pub. L. 118-159 to r/title-46-SHIPPING · 154 words · no verdicts yet
This law sets requirements for buying a federally auctioned vessel: the buyer must prove they have liability insurance, enough money to cover maintenance, and — if the vessel needs U.S. documentation — an admiralty bond. It applies to government-disposed vessels and to vessels seized or forfeited under certain federal laws.
(a) In General. To be allowed to buy a "covered vessel*" from the federal government, a person must provide proof of: (1) liability insurance for whoever will operate the vessel; (2) enough financial resources to cover the vessel's maintenance costs; and (3) if the vessel needs to be documented under chapter 121, an admiralty bond or stipulation.
(b) Covered Vessel Defined. In this section, "covered vessel" means: (1) a government-owned vessel disposed of under this part and a related federal property-disposal law; (2) a vessel seized or forfeited under any law and then auctioned by the federal government, including one forfeited under specific tax-code provisions; or (3) a fishing vessel seized or forfeited under a specific provision of the Magnuson-Stevens Fishery Conservation and Management Act.
To be eligible to purchase a covered vessel* from the Federal Government, a person shall provide proof of—
liability insurance for the operator of such covered vessel;
financial resources sufficient to cover maintenance costs of such covered vessel; and
with respect to a covered vessel requiring documentation under chapter 121, an admiralty bond or stipulation.
In this section, the term “covered vessel” means—
a government owned vessel disposed of in accordance with this part and section 548 of title 40;
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
a fishing vessel seized or forfeited pursuant to section 310 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1860).
Source credit: (Added Pub. L. 118–159, div. C, title XXXV, § 3532(a), Dec. 23, 2024, 138 Stat. 2312.)
- 2024Enacted · Pub. L. 118-159 · 138 Stat. 2312
A history note hasn’t been published yet. The record shows enactment by Pub. L. 118-159 on 2024-12-23.
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