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Legal Terms - Equity
equity n. 1. That area of English law, as opposed to that managed by the *common law courts, was first administered by the *Lord Chancellor and then by the *Court of Chancery. Because it mostly relied on the remedy of damages, the common law had limited scope and flexibility and did not recognize some notions (such as uses and trusts). During the Middle Ages, plaintiffs had the right to petition the monarch, who would then decide each case fairly based on the counsel of his chancellor, who was typically an ecclesiastical figure known as "the king's conscience." By the fifteenth century, petitions were sent straight to the Chancellor, who handled matters flexibly and was more focused on achieving a just outcome than strict legal rules (hence the jurist John Selden's remark that "equity varied with the length of the Chancellor's foot"). Additionally, a defendant who disobeyed the Chancellor's order would be imprisoned for contempt of order until he made the decision to comply (see in personam).
A disagreement over who should win emerged in the 17th century between the Chancellor and common-law judges; James I settled the matter in the Chancellor's favor. By the early 19th century, the Court of Chancery had become more structured and its previously broad jurisdiction had solidified into a body of precedent with set norms as general principles had started to take shape. Many of the Court of Chancery's general principles were expressed in the form of *maxims of equity; equity had (and still has) certain doctrines (see election; conversion; reconversion; performance of contract; satisfaction) and the Court had a variety of jurisdiction types (see auxiliary jurisdiction, concurrent jurisdiction, and exclusive jurisdiction). The Court of Chancery was disbanded with the Judicature Acts of 1873–1875, which established the High Court of Justice to administer both common law and equity (although the Chancery Division continues to perform a large portion of its duties).
The Judicature Acts further stipulated that the norms of equity should take precedence over the rules of law in situations where they conflicted. Trusts, equitable property rights, relief from *penalties and forfeiture, and equitable remedies are currently the primary areas of equitable jurisdiction. The *freezing injunction and the *search order are contemporary examples of equity's inventiveness. Equity is therefore a regulated system of legal principles, but fresh developments are still possible ("equity is not past the age of child-bearing"). 2. An equitable claim or entitlement, particularly *simply equity, *equity of redemption, or *equitable interest. 3. A limited company stake.
equity n. 1. That area of English law, as opposed to that managed by the *common law courts, was first administered by the *Lord Chancellor and then by the *Court of Chancery. Because it mostly relied on the remedy of damages, the common law had limited scope and flexibility and did not recognize some notions (such as uses and trusts). During the Middle Ages, plaintiffs had the right to petition the monarch, who would then decide each case fairly based on the counsel of his chancellor, who was typically an ecclesiastical figure known as "the king's conscience." By the fifteenth century, petitions were sent straight to the Chancellor, who handled matters flexibly and was more focused on achieving a just outcome than strict legal rules (hence the jurist John Selden's remark that "equity varied with the length of the Chancellor's foot"). Additionally, a defendant who disobeyed the Chancellor's order would be imprisoned for contempt of order until he made the decision to comply (see in personam).
A disagreement over who should win emerged in the 17th century between the Chancellor and common-law judges; James I settled the matter in the Chancellor's favor. By the early 19th century, the Court of Chancery had become more structured and its previously broad jurisdiction had solidified into a body of precedent with set norms as general principles had started to take shape. Many of the Court of Chancery's general principles were expressed in the form of *maxims of equity; equity had (and still has) certain doctrines (see election; conversion; reconversion; performance of contract; satisfaction) and the Court had a variety of jurisdiction types (see auxiliary jurisdiction, concurrent jurisdiction, and exclusive jurisdiction). The Court of Chancery was disbanded with the Judicature Acts of 1873–1875, which established the High Court of Justice to administer both common law and equity (although the Chancery Division continues to perform a large portion of its duties).
The Judicature Acts further stipulated that the norms of equity should take precedence over the rules of law in situations where they conflicted. Trusts, equitable property rights, relief from *penalties and forfeiture, and equitable remedies are currently the primary areas of equitable jurisdiction. The *freezing injunction and the *search order are contemporary examples of equity's inventiveness. Equity is therefore a regulated system of legal principles, but fresh developments are still possible ("equity is not past the age of child-bearing"). 2. An equitable claim or entitlement, particularly *simply equity, *equity of redemption, or *equitable interest. 3. A limited company stake.
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