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OI 274.16 Petition of Restoration of Proceeds.
The Regional Commissioner shall apply the provisions of
8 CFR 274.5
to adjudicate any petitions for restoration of proceeds of sale.
A petition for restoration of proceeds may be filed only by a petitioner who did not know of the seized of the conveyance prior to the declaration of forfeiture. The petitioner has the burden of establishing the lack of knowledge of the seizure.
Upon approval of a petition the amount paid to the petitioner shall be all or a portion of the following: (1) If the conveyance was placed in official use, the recognized equity of the petitioner diminished by the expenses of the seizure, custody, and forfeiture of the conveyance; or (2) If the conveyance was sold, the amount of the sale price of the conveyance diminished by the expense of the seizure, custody, forfeiture, and sale of the conveyance, up to the recognized and sale of the conveyance, up to th
e recognized equity of the petitioner.