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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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