46 U.S.C. § 12107

Wrecked vessels

(a) Requirements.—

A vessel is a wrecked vessel under this chapter if it—

(1)

was wrecked on a coast of the United States or adjacent waters; and

(2)

has undergone repairs in a shipyard in the United States equal to at least 3 times the appraised salvage value of the vessel.

(b) Appraisals.—

The Secretary may appoint a board of three appraisers to determine whether a vessel satisfies subsection (a)(2). The costs of the appraisal shall be paid by the owner of the vessel.

( Pub. L. 109–304, § 5 , Oct. 6, 2006 , 120 Stat. 1494 .)