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Simple English definitions for legal terms
pernor of profits
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A quick definition of pernor of profits:
Term: PERNOR OF PROFITS
Definition: A pernor of profits is someone who receives the profits or income from a property. This means they get to keep the money that the property makes. It's like being paid for taking care of something that belongs to someone else.
A more thorough explanation:
A pernor of profits is a person who receives the profits of a property. They are the ones who have the right to enjoy the benefits of the property's profits.
For example, if a person owns a rental property but does not have the time or resources to manage it, they may hire a pernor of profits to collect the rent and manage the property. The pernor of profits would receive a percentage of the profits as compensation for their services.
In medieval times, a lord might grant a pernor of profits the right to collect taxes or tolls from a particular area. The pernor of profits would keep a portion of the profits and give the rest to the lord.
The examples illustrate how a pernor of profits is someone who receives the profits of a property or area. They are responsible for managing the property or collecting profits and are compensated for their services. In both examples, the pernor of profits receives a portion of the profits as payment for their work.