JetBackup 5 Registering Destination fails - "Error: This destination path is already owned by other destination in different server."

Symptoms

When attempting to register a backup destination on Jetbackup 5, you encounter the response below in the Jetbackup software:

Error: Registering Destination... Failed - Error: This destination path is already owned by another destination on a different server. (Server Id: UNIQUE_ID)

Description

On JetBackup 5, In order to increase the security of your backups, JetBackup has decided to allow only one Destination per Backup Directory. If the destination with the exact same Backup Directory path was used on a previous installation of JetBackup 5 it will result in the following error:

Error: This destination path is already owned by other destination in this server. 
(Destination: "NAME" ###################)

Workaround

If you want to work around this error you can create the destination as a Read-Only Destination which will allow you to access the backups from that Backup Directory but will not be able to write new backups to that directory. More information on Read-Only Destinations can be found here:

SSH - Read Only Destination.