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equity definition
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.
See also chancery enjoin equitable injunction writ
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