profits prof cameron stewart. definition a profit is a right to take away the natural products of...

Profits

Prof Cameron Stewart

Definition

• A profit is a right to take away the natural products of the land

• Crops, minerals, soil and timber:iConnelley v Noone [1912] St R Qd 70

• Right to hunt and fish: Alfred F Beckett Ltd v Lyons [1967] Ch 449

A profit is not…

• A business: Frank Warr & Co Ltd v London county Council [1904] 1 KB 713

• A right to take cultivated crops or domesticated animals: Permanent Trustee Australia Ltd v Shand (1992)27 NSWLR 426 (plantation of macadamia nuts); Clos Farming Estates v Easton (2002) 11 BPR 20605 (vineyard)

• Timber may be an exception to this if it is slow growing Corporate Affairs Commission v ASC Timbers Pty Ltd (1989) 19 NSWLR 577

• Forestry rights are defined to be profits by virtue of s 88AB• A personal interest or license: King v David Allen & Sons• Exclusive possession

Differences with easements

• Can exist in gross: Ellison v Vukecevic (1986) 7 NSWLR 104

Created by

• Old system: deed s 23B, 88AA, 88AB• Torrens system: registration ss 46, 46A, 47• Prescription: 20 years, Barton v The Church

Commissioners for England [2008] EWHC 3091 • Equity: Walsh, part performance• Omitted or misdescribed: s 42(1)(b)

Extinguishment

• Similar to easements• Agreement• Common ownership• Abandonment• Obselete