| 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.
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| 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" Synonyms: fairness Antonyms: inequity, unfairness - injustice by virtue of not being equitable |
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.
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