Transcript PPT

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
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Similar to easements
Agreement
Common ownership
Abandonment
Obselete