{"identifier":"/us/usc/t46/s57112","title":46,"num":"\u00a7\u202f57112.","heading":"Requirements for purchasing federally auctioned vessels","text":"\u00a7\u202f57112.\nRequirements for purchasing federally auctioned vessels\n(a)\nIn General.\u2014\nTo be eligible to purchase a covered vessel from the Federal Government, a person shall provide proof of\u2014\n(1) liability insurance for the operator of such covered vessel;\n(2) financial resources sufficient to cover maintenance costs of such covered vessel; and\n(3) with respect to a covered vessel requiring documentation under chapter 121, an admiralty bond or stipulation.\n(b)\nCovered Vessel Defined.\u2014\nIn this section, the term \u201ccovered vessel\u201d means\u2014\n(1) a government owned vessel disposed of in accordance with this part and\nsection 548 of title 40\n(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\n(3) a fishing vessel seized or forfeited pursuant to section 310 of the Magnuson-Stevens Fishery Conservation and Management Act (\n16 U.S.C. 1860","url":"https://projectusc.org/usc/t46/s57112.html","content":[{"t":"sec","id":"/us/usc/t46/s57112","children":[{"t":"num","text":"\u00a7\u202f57112."},{"t":"heading","text":"Requirements for purchasing federally auctioned vessels"},{"t":"subsec","id":"/us/usc/t46/s57112/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In General.\u2014"},{"t":"chapeau","text":"To be eligible to purchase a covered vessel from the Federal Government, a person shall provide proof of\u2014"},{"t":"para","id":"/us/usc/t46/s57112/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" liability insurance for the operator of such covered vessel;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t46/s57112/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" financial resources sufficient to cover maintenance costs of such covered vessel; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t46/s57112/a/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" with respect to a covered vessel requiring documentation under chapter 121, an admiralty bond or stipulation.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t46/s57112/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Covered Vessel Defined.\u2014"},{"t":"chapeau","text":"In this section, the term \u201ccovered vessel\u201d means\u2014"},{"t":"para","id":"/us/usc/t46/s57112/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" a government owned vessel disposed of in accordance with this part and ","children":[{"t":"ref","text":"section 548 of title 40","href":"/us/usc/t40/s548","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t46/s57112/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" 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","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t46/s57112/b/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" a fishing vessel seized or forfeited pursuant to section 310 of the Magnuson-Stevens Fishery Conservation and Management Act (","children":[{"t":"ref","text":"16 U.S.C. 1860","href":"/us/usc/t16/s1860","tail":")."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}