§ 12107. Wrecked vessels
§ 12107.
Wrecked vessels
(a)
Requirements.—
A vessel is a wrecked vessel under this chapter if it—
(1)
was wrecked on a coast of the United States or adjacent waters; and
(2)
has undergone repairs in a shipyard in the United States equal to at least 3 times the appraised salvage value of the vessel.
(b)
Appraisals.—
The Secretary may appoint a board of three appraisers to determine whether a vessel satisfies subsection (a)(2). The costs of the appraisal shall be paid by the owner of the vessel.