1. Profits Prof Cameron Stewart

2. 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

3. 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

4. Differences with easements Can exist in gross: Ellison v Vukecevic (1986) 7 NSWLR 104

5. 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)

6. Extinguishment Similar to easements Agreement Common ownership Abandonment Obselete