James E. Anderson and Cheryl J. Latos - Page 24

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          definition of “net proceeds” as a type of proceeds:  “The amount            
          received in a transaction minus the costs of the transaction                
          (such as expenses and commissions).--Also termed net balance.”              
          Id.; see also id., Guide to the Dictionary, at xxiii, regarding             
          subentries (“If a term has more than one sense, then the                    
          corresponding subentries are placed under the appropriate sense             
          of that term.”).  Black’s Law Dictionary defines “profit” as “The           
          excess of revenues over expenditures in a business transaction;             
          gain”, which is generally synonymous with the definition of “net            
          proceeds”.  Id. at 1246.                                                    
               In Phelps v. Harris, 101 U.S. 370, 380 (1879), explaining              
          that lands received from the disposition of real estate fall                
          under the definition of “proceeds”, the Supreme Court stated:               
          “Proceeds are not necessarily money.  This is * * * a word of               
          great generality.”  See Peabody Coal Co. v. Navajo Nation, 75               
          F.3d 457, 468 (9th Cir. 1996) (holding that Congress intended the           
          term “proceeds” under the Navajo-Hopi Land Settlement Act of 1974           
          to mean “all economic benefit derived from the minerals”).  The             
          parties have not brought to our attention nor have we found                 
          through our own research any information that the term “proceeds”           
          is to be interpreted restrictively under the usages of the                  
          fishing industry or of maritime law.  Indeed, the fishing                   
          industry usage that treats the terms “lays” and “profits” as                
          equivalent indicates that the primary meaning of the term                   

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