s.127General exceptions
127
Section 127Part 2 — The Financial Reporting Authority

General exceptions

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Where —
a person disposes of recoverable property; and
the person who obtains it on the dis posal does so in good faith, for value and without notice that it was recoverable property, the property may not be followed into that person ’ s hands and, accordingly, it ceases to be recoverable.
Where recoverable property is vested, forfeited or othe rwise disposed of in pursuance of powers conferred by virtue of this Part, it ceases to be recoverable.
Where —
in pursuance of a judgment in civil proceedings (whether in the Islands or elsewhere), the defendant makes a payment to the claimant or the claimant otherwise obtains property from the defendant;
the claimant ’ s claim is based on the defendant ’ s unlawful conduct; and
apart from this subsection, the sum received, or the property obtained, by the claimant would be recoverable property , the property ceases to be recoverable.
Where —
a payment is made to a person in pursuance of a compensation order under section 33 of the Penal Code (2024 Revision) ; and
apart from this subsection, the sum received would be recoverable property, the property ceases to be recoverable.
Where —
a payment is made to a person in pursuance of a restitution order under section 23 of the Alternative Sentencing Act (2008 Revision) 1 or a person otherwise obtains any property in pursuance o f such an order, and
apart from this subsection, the sum received, or the property obtained, would be recoverable property, the property ceases to be recoverable.
Property is not recoverable while a restraint order is in force in relation to such p roperty under —
this Act ;
the prior Law; or
the Misuse of Drugs Act (2017 Revision) .
Property is not recoverable property if it has been taken into account in deciding the amount of a person ’ s benefit from criminal conduct for the purpose o f making a confiscation order under —
this Act ;
the prior Law; or
the Misuse of Drugs Act (2017 Revision) , and, in relation to an order mentioned in paragraph (b) and (c), the reference to the amount of a person ’ s benefit from criminal conduct shall be read as a reference to the corresponding amount under the enactment in question.
Where —
a person enters into a transaction to which section 1 24 (2) applies; and
the disposal is one to which subsection (1) or (2) applies, this section d oes not affect the recoverability (by virtue of section 124 (2)) of any property obtained on the transaction in place of the property disposed of.

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