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.
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 August 1, 2016. A Coast Guard Bill of Sale is available for download below.
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