Section 49: Value of property.

1 For the purpose of this Part, the value of property, other than money, in relation to a person holding the property of a convicted person is, where—
a any other person holds an interest in the property, the market value of the property less the amount required to discharge any encumbrance on the property; and
b no other person holds an interest in the property, the market value of the property.

2 Notwithstanding the provisions of subsection (1), a reference in this Part to the value at the time of payment or reward, is construed as a reference to—
a the value of the payment or reward at the time when the recipient received it, as adjusted to take into account subsequent fluctuations in the value of money; or
b where subsection (3) applies, the value mentioned in that subsection, whichever is greater in value.

3 Where, at the time referred to in subsection (2), the recipient holds—
a property, other than cash, which he received, the value concerned is the value of the property at that time; or
b property which directly or indirectly represents the property which he received, the value concerned is the value of the property in his custody, if it represents the property which he received, at the relevant time.