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Equity Definition – Equity Defined – Legal Terminology
Equity :Equity. N. (1) A branch of jurisprudence that arose in England as an alternative to the harsh common law in which courts tried to determine what would be fair in a given situation instead of strictly applying law and precedent, used in matters where the law was inadequate; today, equity and the law have merged for the most part, but equitable principles and remedies still exist. (2) Fairness, justice. (3) The value of a property minus any mortgages or liens on it. See also chancery.