§ 57112. Requirements for purchasing federally auctioned vessels

(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).