46 U.S.C. § 57112: 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 ).