EQUITY

principles of justice originally developed by the English chancellor. In Anglo-American jurisprudence equitable principles and remedies are distinguished from the older system that the common law courts evolved. One of the earliest functions of the king's chaplain (the chancellor) and of the chancery (the office that he headed) was to govern access to the royal courts by issuing on application the appropriate original writ. At first the chancellor had great discretion in framing writs, but in time he was limited to a few rigidly circumscribed forms, and in certain cases worthy claims could not be satisfied. From this inadequacy arose the practice of appealing directly for aid to the chancellor as the "keeper of the king's conscience." By the early 16th cent. a fairly well-defined jurisdiction was exercised by the court of chancery in rivalry with the common law. In the 17th cent. it was definitely established that the court of chancery would decide any claim to jurisdiction that the courts of common law disputed. The early chancellors purported to dispense equity in its original sense of fair dealing, and they cut through the technicalities of common law to give just treatment. Some of their principles were derived from Roman law and from canon law. Soon, however, equity amassed its own body of precedents and tended to rigidity. Equity, even in its more limited modern sense, is still distinguished by its original and animating principle that no wrong should be without an adequate remedy. Among the most notable achievements of equity were the trust and the injunction. Because the decree (final order) of an equity court operated as an order of the king, disobedience might be punished as contempt; in legal remedies, on the contrary, the plaintiff was limited to enforcing his (monetary) judgment. The fact that equity trials were decided without a jury was thought advantageous in complex cases. The coexistence of different systems of justice and delays in the courts of chancery came to present such great procedural difficulties that in England the Judicature Act was adopted (1873) to amalgamate law and equity. In the United States amalgamation had begun with the New York procedure code (1848) drafted by David Dudley Field. Today only a few of the states have separate equity courts. Of the remaining states some divide actions and (to a lesser extent) remedies into legal and equitable, while the others have almost entirely abolished the distinction. Even in those states where law and equity remain unmerged, they are often handled by two sides of the same court, with relatively simple provisions for the transfer of a case that is brought on the wrong side.

See F. W. Maitland, Equity (1909, repr. 1969); R. A. Newman, Equity in Law (1961); H. G. Hanbury, Modern Equity (9th ed., ed. by R. H. Maudsley, 1969); G. H. Webb and T. C. Bianco, Equity (1970).

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The Columbia Encyclopedia, Sixth Edition Copyright© 2004, Columbia University Press. Licensed from Lernout & Hauspie Speech Products N.V. All rights reserved.

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books on: Equity  - 24175 results

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...corporate value of substituting debt for equity in the presence of corporate taxes. They...without taxes, short sales of debt and equity must be allowed for investors to be able...neatly classified into either debt or equity. Emmerich (1985) addressed the confusion...
...inclusion and marginalization, is the relation of equity to the letter of the law. THE EQUITABLE Equity is known as a maxim applied and instituted...As a mode of justice, Aristotles notion of equity sometimes contravenes the letter of the law...
...other researchers on the topic of salary equity By bringing this information to institutional...responsi- ble for conducting salary-equity studies on a specific campus, it is hoped...nomics and related literature on salary-equity studies. Their work has had a great influence...
...effect of a judicial decision 42 EQUITY Abrogation of equitable remedies...Enlightened morality and 40 Equality is equity 40 , 58 Equality of liability 60 Equities arising from execution of contract 67 Equity follows the law 51 -3 Equity in...
...Toutkoushian, 2000), shows how a salary-equity study can be performed for nonfaculty...institutions. Although most salary-equity studies focus on gender and race or ethnicity...on the often-dynamic nature of pay-equity studies when they are performed for an...
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journal articles on: Equity  - 24202 results

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...wrong to be 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...
The Taxation of Private Equity Carried Interests: Estimating the Revenue...tax revenue effects of taxing private equity carried interests as ordinary income...percent of capital invested in private equity funds, or between $2 billion and...
...Mezzanine Loans and Preferred Equity Investments by Andrew R. Berman...mezzanine lender and preferred equity investor? Are these non...ought to consider the basic equities involved and whether the underlying...mezzanine loan or preferred equity transaction. For example...
Equity for Rural America: from Wall Street to...cost. The net result is a great demand for equity securities on the part of individuals...certainly no less important is the crucial role equity markets play as a lifeline of capital to...
Equity and Social Exchange in Dating Couples...distributive justice norms, particularly equity (e.g., Walster Hatfield, Walster...present research is on the importance of equity in predicting relationship satisfaction...
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magazine articles on: Equity  - 18408 results

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Private Equity and the Credit Crunch by Adam Leaver In...financial market, most notably private equity. While the marketisation of risk was...to the trading desks of banks, private equity was heralded as a purer form of capitalism...
The Appeal of Home Equity Lending by Stuart A. Feldstein , George R. Yacik...banking companies are poised to diversify into home equity lending--possibly in a big way. Home equity lending traditionally has been the turf of commercial...
Equity Futures: Traders Site in...profits in a pair trade. Using equity futures, we can trade these...Finally, the research on equities is much more plentiful than...metals and energies, the equity research on the relevant industry...
Emulating Private Equity by Fay Hansen Private equity firms continue to sit at the pinnacle of the business universe...standard explanation for the disparity is that only private equity owned companies are free to take on extraordinary debt and...
The Equity Capital Gap by Clara Miller IMAGINE FOR...entrepreneur and the success of his business. And equity capital, used today to fund the growth...a lack of something more fundamental-equity capital, as well as a lack of the managers...
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Private Equity Market May Be Bouncing Back; Advisers...Year. LIFE is returning to the private equity market - thats the view of the regions...profile deals. The market for private equity deals has been badly hit by the recession...
Private Equity Is Alive and Kicking; No One Will Deny That the Private Equity Market Has Been Hit Badly by the Credit Crunch and...Harper at the Birmingham Office of Barclays Private Equity. Byline: Paul Harper Mark Twain is famously credited...
Home-Equity Spigot Opening Slightly. Byline: Michele...when their lenders canceled their home-equity line of credit or reduced the amount of...economists anticipate a modest rebound in home-equity lending in 2010, with lenders expected...
Private Equity Is a Big Deal. Byline: By Andrew Miller Private equity has moved up the food chain in recent weeks. Huge private equity deals, involving some of the biggest companies around, have made the headlines in both the US and UK ( so...
Private Equity - Plugging the Gap; Jamie Hope, Partner...Jamie Hope The success of the private equity industry in the years up until 2008 meant...the period post-Lehmans, many private equity firms found themselves having to deal...
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encyclopedia articles on: Equity  - 32 results

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EQUITY principles of justice originally developed...early chancellors purported to dispense equity in its original sense of fair dealing...law and from canon law . Soon, however, equity amassed its own body of precedents and tended...
...legal system that did not develop out of equity , maritime law, or other special branches...usually provide that the common law, equity, and statutes in effect in England in...the body of legal principles known as equity evolved partly to overcome these deficiencies...
...meritorious cases and stimulated the growth of equity , which, in its early days, gave redress...however, the technical intricacy of equity and law procedure and the tendency to...abolished the distinction between law and equity (thereby effecting great simplification...
...DECREE in law, decision of a suit in a court of equity . It is the counterpart in equity of the judgment in a court of law, although in those jurisdictions where law and equity have merged, judgment is sometimes used to include...
...vol., 1833), conflict of laws (1834), equity jurisprudence (2 vol., 1836), equity pleading (1838), agency (1839), partnership...books appeared in several editions; that on equity jurisprudence (14th ed. 1918) perhaps retained...
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