{"data":{"id":"us/46-u.s.c.-57112","jurisdiction":"us","citation":"46 U.S.C. § 57112","heading":"Requirements for purchasing federally auctioned vessels","body":"(a) In General.—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) 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).","path":["Title 46—SHIPPING","CHAPTER 571—GENERAL AUTHORITY"],"source_url":"https://uscode.house.gov/download/releasepoints/us/pl/119/103/xml_usc46@119-103.zip","current_through":"Public Law 119-103 (09/02/2026)","vintage":"","retrieved_at":"2026-09-10T06:00:50Z","sha256":"bac4d2752feda47486c65fc675e1ae6a87e2722286031ea65710e0f0ff2cc7e5","source_id":"us","stale":false,"prev":"us/46-u.s.c.-57111","next":"us/46-u.s.c.-57301"},"notice":"GroundRules: Original legal text. Not legal advice."}