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Legal equity: The Court of Chancery, in early 19th-century London.. In the field of jurisprudence, equity is the particular body of law, developed in the English Court of Chancery, [1] with the general purpose of providing legal remedies for cases wherein the common law is inflexible and cannot fairly resolve the disputed legal matter. [2]
Equitable remedies were granted by the Court of Chancery in England, and remain available today in most common law jurisdictions. [4] In many jurisdictions, legal and equitable remedies have been merged and a single court can issue either, or both, remedies.
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.
Following the British codification of the law in India, equitable principles were embedded in the judicial frameworks of the courts. [56] The courts have relied on equity "as a source of law to devise a new principle in a situation where the statute or codified law had no answer to a given situation". [57]
In law, an equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary". [1]
Tracing is divided into two forms, common law tracing and equitable tracing. [1] Common law tracing relies on the claimant having legal ownership of the property, and will fail if the property has been mixed with other property, the legal title has been transferred to the defendant, or the legal title has been transferred by the defendant to ...
In many common law countries, there are two concurrent processes, tracing at common law and tracing in equity. However, because the right to trace at common law is so circumscribed, [1] the equitable process is almost universally relied upon, as equitable tracing can be performed into a mixed fund.
In common-law legal systems, laches (/ ˈ l æ tʃ ɪ z / LAT-chiz, / ˈ l eɪ-/; Law French: remissness, dilatoriness, from Old French: laschesse) is a lack of diligence and activity in making a legal claim, or moving forward with legal enforcement of a right, particularly in regard to equity. It is an unreasonable delay that can be viewed as ...
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