|n.||1.||Equality of rights; natural justice or right; the giving, or desiring to give, to each man his due, according to reason, and the law of God to man; fairness in determination of conflicting claims; impartiality.|
|2.||(Law) An equitable claim; an equity of redemption; |
|3.||(Law) A system of jurisprudence, supplemental to law, properly so called, and complemental of it.|
Equity had been gradually shaping itself into a refined science which no human faculties could master without long and intense application.
|Noun||1.||equity - the difference between the market value of a property and the claims held against it|
|2.||equity - the ownership interest of shareholders in a corporation|
|3.||equity - conformity with rules or standards; "the judge recognized the fairness of my claim"|
EQUITY. In the early history of the law, the sense affixed to this word was
exceedingly vague and uncertain. This was owing, in part, to the fact, that
the chancellors of those days were either statesmen or ecclesiastics,
perhaps not very scrupulous in the exercise of power. It was then asserted
that equity was bounded by no certain limits or rules, and that it was alone
controlled by conscience and natural justice. 3 Bl. Com. 43-3, 440, 441.
2. In a moral sense, that is called equity which is founded, ex oequo et bono, in natural justice, in honesty, and in right. In an enlarged. legal view, "equity, in its true and genuine meaning, is the soul and spirit of the law; positive law is construed, and rational law is made by it. In this, equity is made synonymous with justice; in that, to the true and sound interpretation of the rule." 3 Bl. Com. 429. This equity is justly said to be a supplement to the laws; but it must be directed by science. The Roman law will furnish him with sure guides, and safe rules. In that code will be found, fully developed, the first principles and the most important consequences of natural right. "From the moment when principles of decision came to be acted upon in chancery," says Mr. Justice Story, "the Roman law furnished abundant materials to erect a superstructure, at once solid, convenient and lofty, adapted to human wants, and enriched by the aid of human wisdom, experience and learning." Com. on Eq. Jur. Sec. 23 Digest, 54.
3. But equity has a more restrained and qualified meaning. The remedies for the redress of wrongs, and for the enforcement of rights, are distinguished into two classes, first, those which are administered in courts of common law; and, secondly, those which are administered in courts of equity. Rights which are recognized and protected, and wrongs which are redressed by the former courts, are called legal rights and legal injuries. Rights which are recognized and protected, and wrongs which are redressed by the latter courts only, are called equitable rights and equitable injuries The former are said to be rights and wrongs at common law, and the remedies, therefore, are remedies at common law; the latter are said to be rights and wrongs in equity, and the remedies, therefore, are remedies in equity. Equity jurisprudence may, therefore, properly be said to be that portion of remedial justice which is exclusively administered by a court of equity, as contradistinguished from that remedial justice, which is exclusively administered by a court of law. Story, Eq. Sec. 25. Vide Chancery, and the authorities there cited; and 3 Chit. Bl. Com. 425 n. 1. Dane's Ab. h.t.; Ayl. Pand. 37; Fonbl. Eq. b. 1, c. 1; Wooddes. Lect. 114 Bouv. Inst. Index, h.t.
EQUITY, COURT OF. A court of equity is one which administers justice, where there are no legal rights, or legal rights, but courts of law do not afford a complete, remedy, and where the complainant has also an equitable right. Vide Chancery.Code Napoleon, Corpus Juris Canonici, Napoleonic code, Roman law, absolute interest, admiralty law, assessable stock, authorized capital stock, balance, benefit, blue chip, blue chip stock, blue law, body of law, borrowed stock, canon law, capital stock, capitulary, case law, chancery law, civil law, claim, code, code of laws, codification, coequality, coextension, commercial law, common, common law, common stock, compatibility, constitutional law, contingent interest, convertible preferred stock, corporate stock, corporation law, corpus juris, correlation, correspondence, criminal law, crown law, cumulative preferred stock, cyclical stock, decree law, defensibility, defensive stock, deferred stock, digest, digest of law, disinterest, disinterestedness, droit des gens, drumhead justice, dry law, dueness, easement, ecclesiastical law, eighth stock, equality, equation, equilibrium, equipoise, equipollence, equiponderance, equitable interest, equitableness, equities, equity security, equivalence, equivalency, estate, evenhandedness, evenness, exchangeability, fair play, fair-mindedness, fancies, floating stock, gag law, give-and-take, glamour issue, growth stock, guaranteed stock, high-flier, high-mindedness, holding, hot issue, hypothecated stock, identity, inactive stock, income stock, interchangeability, interest, international law, issued capital stock, judiciousness, jus civile, jus commune, jus inter gentes, jus publicum, justifiability, justifiableness, justification, law merchant, lawfulness, legality, letter stock, levelness, lex domicilii, lex fori, lex loci, lex mercatorum, lex non scripta, lex scripta, lex situs, likeness, limitation, loaned stock, local law, long stock, martial law, measure for measure, meetness, nemesis, neutrality, nonassessable stock, nonvoting stock, objectivity, open-mindedness, ordinary shares, pale blue chip, pandect, par, parallelism, parity, part, participating preferred stock, penal code, penal law, penny stock, percentage, poetic justice, poise, positive law, preference stock, preferred stock, properness, proportion, propriety, protective stock, public law, quarter stock, rails, retributive justice, reverse split, right, right of entry, rightfulness, rightness, rude justice, sameness, scales of justice, sea law, seasoned stock, settlement, share ledger, shares, short stock, special situation stock, specialty stock, speculative stock, split, stake, standard stock, statute law, steels, stock, stock ledger, stock list, stock split, stocks, strict settlement, substantive law, summary justice, symmetry, ten-share unit stock, title, tolerance, treasury stock, trust, unissued capital stock, unwritten law, use, utilities, vested interest, voting stock, warrantability, warrantedness, what is right, written law