stumpage

Noun

 * 1) Trees and other standing timber, treated as a commodity.
 * 2) * C. S. Sargent
 * Only trees above a certain size are allowed to be cut by loggers buying stumpage from the owners of land.
 * 1) The value of this timber.
 * 2) The right to fell such timber.
 * 3) The fee for the right to fell such timber.