Page 621 - IOM Law Society Rules Book

c.13 Proceeds of Crime Act 2008 243

(a) the recoverable property belongs to joint tenants; and

(b) one of the tenants is an excepted joint owner.

(4) An excepted joint owner is a person who obtained the
property in circumstances in which it would not be recoverable as
against that owner; and references to the excepted joint owner’s share
of the recoverable property are to so much of the recoverable property
as would have been that owner’s if the joint tenancy had been severed.

26. (1) Where — Recovery
order:
(a) this section applies; and agreements
about
associated
(b) the Attorney General (on the one hand) and the person and joint
who holds the associated property or who is the property
excepted joint owner (on the other) agree, P2002/29/271

the recovery order may, instead of vesting the recoverable property
in the trustee for civil recovery, require the person who holds the
associated property or who is the excepted joint owner to make a
payment to the trustee.

(2) A recovery order which makes any requirement under
subsection (1) may, so far as required for giving effect to the
agreement, include provision for vesting, creating or extinguishing
any interest in property.

(3) The amount of the payment is to be the amount which
the Attorney General and that person agree represents —

(a) in a case within section 25(2), the value of the
recoverable property;

(b) in a case within section 25(3), the value of the
recoverable property less the value of the excepted joint
owner’s share.

(4) But if —

(a) a property freezing order or an interim receiving order
applied at any time to the associated property or joint
tenancy; and

(b) the Attorney General agrees that the person has suffered
loss as a result of the property freezing order or interim
receiving order,

the amount of the payment may be reduced by any amount the
Attorney General and that person agree is reasonable, having
regard to that loss and to any other relevant circumstances.