profits prof cameron stewart. definition a profit is a right to take away the natural products of...
TRANSCRIPT
![Page 1: 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](https://reader036.vdocument.in/reader036/viewer/2022082819/56649f265503460f94c3df45/html5/thumbnails/1.jpg)
Profits
Prof Cameron Stewart
![Page 2: 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](https://reader036.vdocument.in/reader036/viewer/2022082819/56649f265503460f94c3df45/html5/thumbnails/2.jpg)
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
![Page 3: 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](https://reader036.vdocument.in/reader036/viewer/2022082819/56649f265503460f94c3df45/html5/thumbnails/3.jpg)
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
![Page 4: 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](https://reader036.vdocument.in/reader036/viewer/2022082819/56649f265503460f94c3df45/html5/thumbnails/4.jpg)
Differences with easements
• Can exist in gross: Ellison v Vukecevic (1986) 7 NSWLR 104
![Page 5: 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](https://reader036.vdocument.in/reader036/viewer/2022082819/56649f265503460f94c3df45/html5/thumbnails/5.jpg)
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)
![Page 6: 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](https://reader036.vdocument.in/reader036/viewer/2022082819/56649f265503460f94c3df45/html5/thumbnails/6.jpg)
Extinguishment
• Similar to easements• Agreement• Common ownership• Abandonment• Obselete