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equity

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equity

 

  2  definitions  found 
 
  From  Webster's  Revised  Unabridged  Dictionary  (1913)  [web1913]: 
 
  Equity  \Eq"ui*ty\,  n.;  pl  {Equities}.  [F.  ['e]quit['e],  L. 
  aequitas  fr  aequus  even  equal.  See  {Equal}.] 
  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. 
 
  Christianity  secures  both  the  private  interests  of 
  men  and  the  public  peace,  enforcing  all  justice  and 
  equity.  --Tillotson. 
 
  2.  (Law)  An  equitable  claim;  an  equity  of  redemption;  as  an 
  equity  to  a  settlement,  or  wife's  equity,  etc 
 
  I  consider  the  wife's  equity  to  be  too  well  settled 
  to  be  shaken.  --Kent. 
 
  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. 
  --Macaulay. 
 
  Note:  Equitable  jurisprudence  in  England  and  in  the  United 
  States  grew  up  from  the  inadequacy  of  common-law  forms 
  to  secure  justice  in  all  cases;  and  this  led  to 
  distinct  courts  by  which  equity  was  applied  in  the  way 
  of  injunctions,  bills  of  discovery,  bills  for  specified 
  performance,  and  other  processes  by  which  the  merits  of 
  a  case  could  be  reached  more  summarily  or  more 
  effectively  than  by  common-law  suits.  By  the  recent 
  English  Judicature  Act  (1873),  however,  the  English 
  judges  are  bound  to  give  effect,  in  common-law  suits, 
  to  all  equitable  rights  and  remedies;  and  when  the 
  rules  of  equity  and  of  common  law,  in  any  particular 
  case,  conflict,  the  rules  of  equity  are  to  prevail.  In 
  many  jurisdictions  in  the  United  States,  equity  and 
  common  law  are  thus  blended;  in  others  distinct  equity 
  tribunals  are  still  maintained.  See  {Chancery}. 
 
  {Equity  of  redemption}  (Law),  the  advantage,  allowed  to  a 
  mortgageor,  of  a  certain  or  reasonable  time  to  redeem 
  lands  mortgaged,  after  they  have  been  forfeited  at  law  by 
  the  nonpayment  of  the  sum  of  money  due  on  the  mortgage  at 
  the  appointed  time.  --Blackstone. 
 
  Syn:  Right  justice;  impartiality;  rectitude;  fairness; 
  honesty;  uprightness.  See  {Justice}. 
 
  From  WordNet  r  1.6  [wn]: 
 
  equity 
  n  1:  the  difference  between  the  market  value  of  a  property  and 
  the  claims  held  against  it 
  2:  the  ownership  interest  of  shareholders  in  a  corporation 
  3:  conformity  with  rules  or  standards;  "the  judge  recognized 
  the  fairness  of  my  claim"  [syn:  {fairness}]  [ant:  {unfairness}, 
  {unfairness}]




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