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Form CG-1340 Bill of Sale
What Is Form CG-1340?
Form CG-1340, Bill of Sale , is a document that is supposed to be used when an individual wishes to sell their vessel. The purpose of the document is to record a deal where one individual buys a vessel from another individual.
Alternate Name:
- Coast Guard Bill of Sale;
- Coast Guard Documented Vessel Bill Of Sale.
A CG-1340 Form should be prepared when a vessel is being sold since later the document can be required for various purposes. For example, the buyer will need the form to register their vessel and inform the Coast Guard about it. In addition to this, the bill of sale proves that the purchase has taken place and the ownership of the vessel has been transferred from the seller to the buyer. This form was issued by the United States Coast Guard and was last revised on May 1, 2020 . A Coast Guard Bill of Sale is available for download below.
Coast Guard Bill of Sale Instructions
A Coast Guard Bill of Sale consists of two pages. The first one is dedicated to the information about the deal, while the second one focuses more on the vessel and contains instructions on how tofill out the form. On the second page, the parties can also read the Privacy Act Statement where they can learn more about how the details they have provided in the form will be used and disclosed.
To complete the CG-1340 Form, the seller must fill in the gaps. These gaps can be roughly divided into several parts, namely:
- Vessel Details . In the first part of the document, the seller is required to provide information about the vessel. It must include the vessel's name and official number.
- Information About the Parties . Here, the seller must designate the names and addresses of each seller and buyer. In addition to this, they must state the total amount of interest that is owned by the seller (or sellers) and the total amount of interest that is being transferred to the buyer (or buyers).
- Manner of Ownership . The seller is supposed to use this section of the form to describe the manner of ownership of the vessel. They are supposed to choose from the options included in the form and check the appropriate block.
- Signature . The bill of sale must be signed by the seller or their legal representative. Additionally, the person who signed the form must state the date when the document was signed and indicate in which capacity they signed it.
Other Revision
Download Form CG-1340 Bill of Sale
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