What is the value of a party's beneficial interest in a roe herring licence?
British Columbia, Canada
The following excerpt is from B.C. Packers Ltd. v. Sparrow, 1988 CanLII 2953 (BC SC):
I conclude, from examining the contract between the parties, dated 14th September 1978, that what is being sold is a beneficial interest in the defendant's roe herring licence. Both parties fully realized that there was a restriction on transfer at the time and provided that, should the licence become transferable without consent at a later time, a transfer document would be forthcoming. The agreement also envisaged the transfer to the plaintiff or its nominee. As I see it, the defendant is for all practical purposes a nominee of the plaintiff, or trustee holding the licence until it could be transferred and, in the meantime, the plaintiff has bought and paid for the benefits of the fishing licence, not unlike the trapline licence held by a nominee in the Ernst v. Dumlich case.
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