Requirements for purchasing federally auctioned vessels

liability insurance for the operator of such covered vessel; financial resources sufficient to cover maintenance costs of such covered vessel; and with respect to a covered vessel requiring documentation under chapter 121, an admiralty bond or stipulation. a government owned vessel disposed of in accordance with this part and section 548 of title 40; 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 a fishing vessel seized or forfeited pursuant to section 310 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1860). To be eligible to purchase a covered vessel from the Federal Government, a person shall provide proof of— In this section, the term “covered vessel” means— (Source: (Added Pub. L. 118–159, div. C, title XXXV, § 3532(a), Dec. 23, 2024, 138 Stat. 2312.))