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Maxims of equity are legal maxims that serve as a set of general principles or rules which are said to govern the way in which equity operates. They tend to illustrate the qualities of equity, in contrast to the common law, as a more flexible, responsive approach to the needs of the individual, inclined to take into account the parties' conduct and worthiness.
A serious movement for merger of law and equity began in the states in the mid-19th century, when David Dudley Field II convinced New York State to adopt what became known as the Field Code of 1848. [55] [56] The federal courts did not abandon the old law/equity separation until the promulgation of the Federal Rules of Civil Procedure in 1938.
The Federal Equity Rules were court rules that, until 1938, governed civil procedure in suits of equity in federal courts.. The Rules were established by the United States Supreme Court which was authorized by the United States Congress to make rules governing the form of mesne process, form and mode of proceeding in suits of equity [1] and the power to proscribe form of process, mode of ...
Earl of Oxford's case (1615) 21 ER 485 is a foundational case for the common law world, that held equity (equitable principle) takes precedence over the common law.. The Lord Chancellor held: "The Cause why there is Chancery is, for that Mens Actions are so divers[e] and infinite, that it is impossible to make any general Law which may aptly meet with every particular Act, and not fail in some ...
Marshalling is an equitable doctrine applied in the context of lending. It was described by Lord Hoffmann as: [A] principle for doing equity between two or more creditors, each of whom are owed debts by the same debtor, but one of whom can enforce his claim against more than one security or fund and the other can resort to only one.
Uniform Rules of Criminal Procedure: 1974, 1987 Uniform Rules of Evidence Act: 2005 Uniform Securities Act: 1956, 1985, amended 1988, 2002 Uniform Simultaneous Death Act: 1940, 1993 Uniform State Administrative Procedure Act: 1981 Uniform Status of Children of Assisted Conception Act: 1988 Uniform Statute and Rule Construction Act: 1995
Return on equity (ROE) measures how well a company generates profits for its owners. It is defined as the business’ net income relative to the value of its shareholders' equity. It reveals the ...
A court of equity, also known as an equity court or chancery court, is a court authorized to apply principles of equity rather than principles of law to cases brought before it. These courts originated from petitions to the Lord Chancellor of England and primarily heard claims for relief other than damages, such as specific performance and ...