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EQUITY

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EQUITY

Post by Waffle on Sun Jun 18, 2017 1:02 am

On the quest of education at the request of subscribers this is a contributory thread for educational purposes in the law of equity. Equity and Trusts are as one, if we want to learn about trusts we should understand equity and visa versa.

Equity, definition Black law 9

Equity, n. (l4c) 1. Fairness; impartiality; evenhanded
dealing <the company's policies require managers to
use equity in dealing with subordinate employees>.
2. The body ofprinciples constituting what is fair and
right; natural law <the concept of "inalienable rights"
reHects the influence of equity on the Declaration of
Independence>.
"In its popular sense it [equity] is practically equivalent to
natural justice. But it would be a mistake to suppose that
equity, as administered by the Courts, embraces ajurisdiction
as wide and extensive as that which would result from
carrying into operation all the principles of natural justice.
There are many matters of natural justice wholly unprovided
for, from the difficulty of framing any general rules
to meet them, and from the doubtful wisdom of a policy
of attempting to give a legal sanction to duties of imperfect
obligation, such as charity, gratitude and kindness.
A large proportion of natural justice in its Widest sense is
thus not judicially enforced, but is left to the conscience of
each individual." R.E. Megarry, Snell's Principles of Equity
I (23d ed. 1947).
3. The recourse to principles of justice to correct or
supplement the law as applied to particular circumstances
<the judge decided the case by equity because
the statute did not fully address the issue>. Also
termed natural equity. [Cases: Equity 1.] 4. The
system of law or body of principles originating in
the English Court of Chancery and superseding the
common and statute law (together called "law" in the
narrower sense) when the two conflict <in appealing to
the equity of the court, she was appealing to the "king's
conscience">; CHANCERY (2).
"Equity is that system ofjustice which was developed in and
administered by the High Court of Chancery in England in
the exercise of its extraordinary Jurisdiction. This definition
is rather suggestive than precise; and invites inquiry rather
than answers it. This must necessarily be so. Equity, in its
technical and scientific legal sense, means neither natural
justice nor even all that portion of natural justice which
is susceptible of being judicially enforced. It has, when
employed in the language of English law. a precise, definite
and limited signification, and is used to denote a system of
justice which was administered in a particular court the
nature and extent of which system cannot be defined in a
single sentence, but can be understood and explained only
by studying the history of that court, and the principles
upon which it acts. In order to begin to understand what
equity is, it is necessary to understand what the English
High Court of Chancery was, and how it came to exercise
what is known as its extraordinary jUrisdiction. Every true
definition of equity must, therefore, be, to a greater or
lesser extent, a history." George T. Bispham, The Principles
of Equity 1-2 Uoseph D. McCoy ed., 11th ed. 1931).
"In its technical sense, equity may ... be defined as a
portion of natural justice which, although of a nature more
suitable for judicial enforcement, was for historical reasons
not enforced by the Common Law Courts, an omission
which was supplied by the Court of Chancery. In short, the
whole distinction between equity and law is not 50 much
a matter of substance or principle as of form and history."
R.E. Megarry, Snell's Principles ofEquity 2 (23d ed. 1947).
"The term 'equity' is an illustration of Mr. Towkington's
proposition that some words have a legal meaning very
unlike their ordinary one. In ordinary language 'equity'
means natural justice; but the beginner must get that
idea out of his head when dealing with the system that
the lawyers call equity. Originally, indeed, this system
was inspired by ideas of natural justice, and that is why it
acquired its name; but nowadays equity is no more (and
no less) natural justice than the common law, and it is in
fact nothing else than a particular branch of the law of
England. Equity, therefore, is law. The student should not
allow himself to be confused by the lawyer's habit of contrasting
'law' and 'equity,' for in this context 'law' is simply
an abbreviation for the common law. Equity is law in the
sense that it is part of the law of England: it is not law only
in the sense that it is not part of the common law." Glanville
Williams, Learning the Law 25-26 (llth ed. 1982).
5. A right, interest, or remedy recognizable by a court of
equity <there was no formal contract formation, so they
sued for breach in equity>. [Cases: Equity (;:::::> 1.1



Equity is governed by Maxims that have stood the test of time;

Maxim definition Blacks online:

An established principle or proposition. A principle of law universally admitted, as being a correct statement of the law, or as agreeable to natural reason. Coke defines a maxim to be “conclusion of reason,” and says that it is so called “quia maxima ejus dignitas et certissima auctorir tas, et quod maxime omnibus probetur.” Co. Litt. llo. He says in another place: “A maxime is a proposition to be of all men confessed and granted without proof, argument, or discourse.” Id. 67o. The maxims of the law, in Latin, French, and English, will be found distributed through this book In their proper alphabetical order. Maxime paci sunt contraria vis et injuria. The greatest enemies to peace are force and wrong. Co. Litt. 1616. Maximus erroris populus magister. Bacon. The people is the greatest master of error. “MAY,” in the construction of public statutes, is to be construed “must” in all cases where the legislature mean to impose a positive and absolute duty, and not merely to give a discretionary power. Minor v. Mechanics’ Bank, 1 Pet. 415, 64, 7 L. Ed. 47; New York v. Furze, 3 Hill (N. Y.) 612, 615.

http://thelawdictionary.org/maxim/

The twelve primary equitable maxims are:

1. Equity will not suffer a wrong without a remedy.
2. Equity follows the law.
3. Where there is equal equity, the law shall prevail.
4. Where the equities are equal, the first in time shall prevail.
5. He who seeks equity must do equity.
6. He who comes into equity must come with clean hands.
7. Delay defeats equities.
8. Equality is equity.
9. Equity looks to the intent rather than the form.
10. Equity looks on that as done which ought to be done.
11. Equity imputes an intention to fulfil an obligation.
12. Equity acts in personam.

Waffle
Not so newb
Not so newb

Posts : 762
Join date : 2017-03-27

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