equity
eq·ui·ty /'e-kwə-tē/ n pl -ties [Latin aequitat- aequitas fairness, justice, from aequus equal, fair]
1 a: justice according to fairness esp. as distinguished from mechanical application of rules
prompted by considerations of equity
comity between nations, and equity require it to be paid for — F. A. Magruder
b: something that is equitable: an instance of equity
the inequities produced by the system are outnumbered by the equities
2 a: a system of law originating in the English chancery and comprising a settled and formal body of substantive and procedural rules and doctrines that supplement, aid, or override common and statutory law
the judicial power shall extend to all cases, in law and equity, arising under this ConstitutionU.S. Constitution art. III see also chancery compare common law, law
◇ The courts of equity arose in England from a need to provide relief for claims that did not conform to the writ system existing in the courts of law. Originally, the courts of equity exercised great discretion in fashioning remedies. Over time, they established precedents, rules, and doctrines of their own that were distinct from those used in the courts of law. Although for a time the courts of equity rivaled the law courts in power, the law courts maintained an advantage partly as a result of forcing the equity courts to hear only those cases for which there was no adequate remedy at law. The courts of law and equity were united in England in 1873. Courts of equity also developed in the United States, but in most states and in the federal system courts of law and courts of equity have been joined. The courts apply both legal and equitable principles and offer both legal and equitable relief, although generally equitable relief is still granted when there is no adequate remedy at law.
b: the principles that developed in the courts of equity: justice in accordance with equity
equity treats a devisee who procures a will by fraud as a constructive trustee — W. M. McGovern, Jr. et al.; also: justice in accordance with natural law
c: a court of equity
sat alone for some time in equity — O. W. Holmes, Jr.
3: a body of doctrines and rules developed to enlarge, supplement, or override any narrow or rigid system of law
4 a: a right, claim, or interest existing or valid in equity
b: the money value of a property or of an interest in property in excess of any claims or liens (as mortgage indebtedness) against it
c: a risk interest or ownership right in property; specif: the ownership interests of shareholders in a company
d: the common stock of a corporation compare asset, debt

Merriam-Webster’s Dictionary of Law. . 1996.

equity
I (justice) noun aequitas, aequum, chancery, evenhandedness, fair-mindedness, fair treatment, fairness, honesty, ideal justice, impartial justice, iustitia, justice, justice as distinguished from conformity to enactments or statutes, justice ascertained by natural reason, justice under the law, justness, natural right, quality of being equal and fair, reasonableness, recourse to the principles of natural justice, redress, remedial justice, right dealing, righteousness, rightfulness, spirit of the law, unwritten law, uprightness associated concepts: balance of equities, chancery, equitable right, equity action, equity jurisdiction, existing equities, suit in equity foreign phrases:
- Nihil tarn conveniens est naturali aequitati quam unumquodque dissolvi eo ligamine quo ligatum est. — Nothing is so agreeable to natural equity as that a thing should be dissolved by the same means by which it was bound.
- Lex aequitate gaudet; appetH perfectum; est norma recti. — The law delights in equity, it grasps at perfection, it is a rule of right
- In fictione juris semper aequitas exlstit. — In a fiction of law, equity is always present
- Equitas sequitur legem. — Equity follows the law.
- Lex respicit aequltatem. — The law regards equity.
- Ratio in jure aequitas integra. — Reason in law is impartial equity.
- NulU vendemus, nulli negabimus, aut dlfferemus rectum vel justitian. — We will sell to none, we will deny to none, we will delay to none, either equity or justice
- judex ante oculos aequltatem semper habere debet. — A judge ought always to have equity before his eyes
- Aequitas supervacua odit. — Equity abhors superfluous things
- Aequitas uxoribus, liberis, creditoribus maxime favet. — Equity favors wives and children, creditors most of all.
- Aequitas est quasi aequalHas. — Equity is as it were equality.
- Aequum et bonum est lex legum. — That which is equitable and right is the law of laws
- In omnibus quidem, maxime tamen injure, aequitas spectanda sit. — In all matters, but especially in law, equity should be regarded.
- Prima pars aequttatis aequalHas. — The prime element of equity is equality.
- Nemo allegans suam turpitudinem audien dus est. — No one should be permitted to testify as a witness to his own baseness or wickedness
- Nemo ex suo delicto mellorem suam conditionem facere potest. — No one can improve his condition by his own misdeed
- jure naturae aequum est neminem cum alterius detrimento et injuria fieri locupletiorem. — According to the laws of nature, it is just that no one should be enriched by the detriment and injury of another
- Nihil iniquius quam aequltatem nimis intendere. — Nothing is more unjust than to extend equity too far
- judex aequltatem semper spectare debet. — A judge ought always to regard equity
- Bonus judex secundum aequum et bonum judicat, et aequltatem stricto juri praefert. — Good judges decide according to what is just and right, and prefer equity to strict law
- Si aliquid ex solemnibus deficiat, cum aequitas poscit subveniendum est. — If anything is deficient in formal requisites, where equity requires it, it should be supplied.
- Aequitas nunquam contravenlt legis. — Equity never counteracts the laws
- Aequitas non faclt jus, sed juri auxiliatur. — Equity does not make law, but assists law.
- Aequitas ignorantiae opitulatur, oscitantiae non Item. — Equity assists ignorance, but not carelessness.
- Vigilantibus et non dormientibus jura subvenlunt. — The laws aid the vigilant and not those who slumber.
- Aequitas aglt in personam. — Equity acts upon the person
- Jure naturae aequum est neminem cum alterius detrimento et injuria fieri locupletiorem. — By natural law it is not just that any one should be enriched by the detriment or injury of another.
- Hoc quidem perquam durum est, sed ita lex scripta est. — This indeed is exceedingly hard, but such is the written law
- Nemo debet aiiena jactura locupletarl. — No one ought to gain by another's loss
- Frustra legis auxilium quaerit qui in legem committit. — He vainly seeks the aid of the law who transgresses the law
- Commodum ex injuria sua non habere debet — No person ought to derive any advantage by his own wrong.
- Nemo ex proprio dolo consequitur actionem. — No one acquires a right of action from his own fraud
II (share of ownership) noun allotment, apportionment, claim, division, interest, investment, part, portion, right, stake, vested interest III index candor (impartiality), disinterest (lack of prejudice), estate (property), fairness, justice, objectivity, possessions, probity, propriety (appropriateness), rectitude, right (righteousness), stake (interest), title (right)

Burton's Legal Thesaurus. . 2006


equity
Ordinary shares carry the residual economic value of a company. They carry rights to distribution of profits through dividends, to the surplus assets of a company on a winding up and to votes at general meetings of the company.

Easyform Glossary of Law Terms. — UK law terms.


equity
n.
(1) A branch of jurisprudence that arose in England as an alternative to the harsh common law in which courts tried to determine what would be fair in a given situation instead of strictly applying law and precedent, used in matters where the law was inadequate; today, equity and the law have merged for the most part, but equitable principles and remedies still exist.
(2) Fairness, justice.
(3) The value of a property minus any mortgages or liens on it.
See also chancery

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


equity
1. fairness or balance.
2. a system of law, developed by the Court of Chancery in parallel with the common law, designed to complement it, providing remedies for situations that were unavailable at law, thereby adding a dimension of flexibility and justice that was sometimes lacking because of the common law's rigidity.
3. a right in respect of property that does not amount to an equitable interest but that can be asserted against those who have notice of it. In the hierarchy of interests in property in English law, at the top come legal estates or interests. These are rights that are good against all other persons, whether or not those other persons have notice of them; next are equitable interests, which are good against all persons except a bona fide purchaser of the legal estate for value without notice; then come equities, which are rights that are good against persons other than bona fide purchasers of legal or equitable estates for value without notice.
4. that part of a company's capital that is owned by shareholders.
5. the net value of assets after taking into account any liabilities secured on them.

Collins dictionary of law. . 2001.


equity
1) The net value of real estate, determined by subtracting the amount of unpaid debts secured by the property from its market value.
2) A set of legal principles that operates in addition to statutes and common law and is intended to give judges flexibility to achieve a just result. If traditional legal remedies (which usually involve compensation with money) wouldn't be fair in a particular case, a judge can use an equitable remedie. A court might issue an order (injunction) directing someone to do something or stop doing something. For example, if someone has built a garage that extends over the neighbor's property, a court might order the garage owner to tear it down. By contrast, the legal remedy would be for the owner to compensate the neighbor for the loss in property value. The rules of equity arose in England when the strict limitations of common law would not solve all problems, so the crown set up courts of chancery (equity) to provide remedies through the royal power. Most eastern states had courts of equity or chancery separate from courts of law, but now most states combine law and equity.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy
Category: Bankruptcy, Foreclosure & Debt → Foreclosure
Category: Real Estate & Rental Property → Homeowners
Category: Small Claims Court & Lawsuits

Nolo’s Plain-English Law Dictionary. . 2009.

equity
USA
Also known as equity interests.
An investment in an entity, such as capital stock, partnership interests and limited liability company interests, entitling the investor to a share of the entity's profits and enterprise value after the satisfaction of creditors' claims.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


equity
n. Fair dealing under widely held moral principles, often embodied in court precedents; a body of common law founded on such principles, providing special remedies, such as injunctions, in cases where monetary damages are not available or will not suffice.

Webster's New World Law Dictionary. . 2000.


equity
In its broadest sense, equity is fairness. As a legal system, it is a body of law that addresses concerns that fall outside the jurisdiction of common law. Equity is also used to describe the money value of property in excess of claims, liens, or mortgages on the property.

Dictionary from West's Encyclopedia of American Law. 2005.


equity
I
In its broadest sense, equity is fairness. As a legal system, it is a body of law that addresses concerns that fall outside the jurisdiction of common law. Equity is also used to describe the money value of property in excess of claims, liens, or mortgages on the property.
II Justice administered according to fairness; the spirit or habit of fairness in dealing with other persons.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

equity
n.
   1) a venerable group of rights and procedures to provide fairness, unhampered by the narrow strictures of the old common law or other technical requirements of the law. In essence courts do the fair thing by court orders such as correction of property lines, taking possession of assets, imposing a lien, dividing assets, or injunctive relief (ordering a person to do something) to prevent irreparable damage. The rules of equity arose in England where the strict limitations of common law would not solve all problems, so the King set up courts of chancery (equity) to provide remedies through the royal power. Most eastern states had courts of equity or chancery separate from courts of law, and others had parallel systems of law and equity with different procedural rules. Now most states combine law and equity and treat both under "one cause of action."
   2) the net value of real property, determined by subtracting the amount of unpaid debts secured by (against) the property from the appraised value of the property.

Law dictionary. . 2013.

Synonyms:
, / , , , , , , , / , (as distinguished from conformity to mere enactments or statutes), (as against its mere letter) /


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