This legislation amends title 46 of the United States Code to address the issue of sunken decommissioned commercial vessels. It assigns liability to individuals who transfer ownership of a commercial or former commercial vessel for recreational purposes under specific conditions. Specifically, a transferor will be held responsible for specified expenses if the transferred vessel sinks in navigable waters and the transferee did not possess adequate insurance at the time of the transfer. This liability applies to vessels that are at least 35 feet in length and 40 years old or older. The specified expenses include damages, vessel removal, debris clean-up, pollution remediation, and costs associated with water intake pump issues caused by pollution. However, the transferor is exempt from this liability if the vessel is under 35 feet long or less than 40 years old. Crucially, liability is also avoided if the transferee had insurance covering the vessel for 12 months post-transfer, which explicitly covered these specified expenses in the event of sinking.