Ownership

W h e n the sub-lessee 's i n t e r e s t d e t e r m i n e s the lessee a c q u i r e s the

c o r r e s p o n d i n g r i g h t s ; b u t w h e n th e lessee's r i g h t d e t e r m i n e s the

' o w n e r ' a c q u i r e s these r i g h t s . H e n c e the ' o w n e r ' a p p e a r s to b e

i d e n t i f i e d as the u l t i m a t e r e s i d u a r y . T h e d i f f i c u l t y is t h a t the

series m a y be c o n t i n u e d , f o r o n t h e d e t e r m i n a t i o n o f the ' o w n e r ' s '

i n t e r es t t h e state m a y a c q u i r e t h e c o r r e s p o n d i n g r i g h t s ; is the

state 's i n t e r e s t o w n e r s h i p o r a m e r e e x p e c t a n c y ?