§ 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).