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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 … [Read more...] about EQUITY

An action for a remedy in equity, such as a court injunction. An action for the court to provide fairness, such as specific performance, e.g. the award of a specific real estate parcel. … [Read more...] about EQUITABLE ACTION

A saying that means that the rules of equity follow what the law prescribes even though there may be no specific laws that govern matters of equity. … [Read more...] about EQUITY FOLLOWS THE LAW

Equitable assets are all assets which are chargeable with the payment of debts or legacies in equity, and which do not fall under the description of legal assets. Those portions of the property which by the ordinary rules of law are exempt from debts, but which the testator has voluntarily charged as assets, or which, being nonexistent at law, have been created in equity. They … [Read more...] about EQUITABLE ASSET

In English practice a defense to an action on grounds which prior to the passage of the common-law procedure act, would have been cognizable only in a court of equity. In American practice a defense which is cognizable in a court of equity but which is available there only and not in an action atlaw except under the reformed codes of practice. … [Read more...] about EQUITABLE DEFENSE