Sec. 2. Liability for specified expenses resulting from sinking of certain decommissioned commercial vessels
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Chapter 301 of title 46, United States Code, is amended by adding at the end the following new section: Except as provided in subsection (b), any person who transfers title of a covered vessel to another for use as a recreational vessel shall be liable for any specified expenses resulting from the vessel sinking on navigable waters of the United States. Subsection
(a)shall not apply to a vessel less than 35 feet in length or fewer than 40 years old. Subsection
(a)shall not apply to a person who transfers title of a covered vessel to a person who, at the time of the transfer, has insurance— applicable to the vessel for the 12-month period beginning on the date of the transfer; and that, in the case the vessel sinks, covers specified expenses. In this section: The term commercial vessel has the meaning given such term in section 4462(a)(4) of the Internal Revenue Code of 1986 ( 26 U.S.C. 4462(a)(4) ). The term covered vessel means— commercial vessel; or a recreational vessel that was previously a commercial vessel. The term specified expenses mean, with respect to a sunken vessel— damages attributable to the sinking of the vessel; and expenses relating to— removal of the vessel and any debris; clean-up of any pollution attributable to the sinking of the vessel; and any shut down of, or repairs or maintenance to, a water intake pump as a result of pollution attributable to the sinking of the vessel. The term recreational vessel has the meaning given such term in section 2101 of title 46, United States Code. . The table of sections for chapter 301 of title 46, United States Code, is amended by adding at the end the following new item: 30107. Liability for specified expenses resulting from sinking of certain decommissioned commercial vessels. .
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Sec. 2
Liability for specified expenses resulting from sinking of certain decommissioned commercial vessels
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