USCG recalls
https://www.uscgboating.org/content/recalls.php?company=hqz&model=&year=1997&button=Su bmit

Its a safety issue and is mandated recall. Merc sends out letters as do all OEMs when things like this happen. But of course it was way long ago. Anyways you are giving your insurance company free money cause they will 100 percent void your policy if or when any related claim happens that can be related back to this open recall. if in fact you still have an open recall. Sometimes they get done and not claimed into warranty as well by the dealer or the dealer went out biz before they filed anything and so on. Anyways I would have it checked out and fixed properly cause it could turn into something very harmful. Im sure passengers, would not want to be at risk on your boat. hard to put a price tag on that. Just saying.