Page 150 - IOM Law Society Rules Book

LSR7/2003

PRACTICE RULE 7

At a Meeting of the Council of the ISLE OF MAN LA W SOCIETY held at 27 Hope

Street, Douglas on the 19dt August 2003, Andrew J. Corlett, Esq., President of the Society,

in the Chair, resolved that the Practice Rules of the Society passed on the 26tth April 2001

be amended in accordance with the amendment below, subject to the approval of the

Advocates Act Committee pursuant to section 16 of the Advocates Act 1976.

Avoiding conflicts of interest in conveyancing, property selling and mortgage services.

1. GENERAL

This rule sets out the circumstances in which an Advocate may act for more than one party

in conveyancing, property selling or mortgage related services in connection with:

(i) The transfer of land for value at arm's length; or

(ii) The grant or assignment of a lease, or some other interest in land for value at

arm's-length; or

(iii) The grant of a mortgage secured on land.

This Rule must be read in the light of the guidance notes which do not form part of the

Rule.

Notes

(i) "Advocate" (except where the notes specify otherwise) means an Advocate, his or

her practice, and any associated practice;