EQUITY (aequitas), even-handed justice; right; the impartial distribution of justice; the treating of others according to reason and justice, or in that way to which, by the natural law, that is, in strict justice, they are entitled.
Equity or justice is personified as a female divinity, bearing in one hand a sword, and in the other a balance.
In Jurisprudence, equity is defined by Grotius to be "the correction of that wherein the law (by reason of its generality) is deficient." "Equity," says Blackstone, "in its true and genuine meaning, is the soul and spirit of all law; positive law is construed, and rational law is made by it. In this respect equity is synonymous with justice; in that, to the true and sound interpretation of the rule."
Courts of Equity are distinguished from Courts of Law, in that the former have jurisdiction in cases where the proper remedy cannot be found, or cannot be administered to
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the full extent of the relative rights of all parties in the courts of common law, in which proceedings can be carried on and decisions given only according to certain prescribed forms. The rights secured by the former are termed legal; those by the latter, equitable. Though equity, if not in name, at least in substance, must have a place in every rational system of jurisprudence, yet it is impossible that any code, however minute and particular, should embrace or provide for the infinite variety of human affairs, or should furnish rules applicable to every case.
The most general description of a court of equity is, that it has jurisdiction in cases where a plain, adequate, and complete remedy cannot be had in the common law courts. It is not confined or limited in its modes of relief, like courts of law, but grants relief to all parties in cases where they have rights ex aequo et bono, and modifies and fashions that relief according to circumstances. The jurisdiction of a court of equity is sometimes concurrent with that of courts of law, and sometimes it is exclusive. The most common exercise of concurrent jurisdiction is in cases of accident, fraud, mistake, &c. In many cases falling under these heads courts of law cannot afford redress; in others they can, though not always in so adequate a manner. It exercises exclusive jurisdiction in all cases of merely equitable rights, that is, such as are not recognized in courts of law. Most cases of trust and confidence come under this head. (See Justice Story's Commentaries on Equity Jurisprudence; Fonblanque's On Equity; Maddock's Treatise on Equity; Lord Redesdale's Treatise on Equity Pleadings.)
The equity judges are the Lord Chancellor, the Master of the Rolls, the two Lords Justices of the Court of Appeal in Chancery, and the three Vice-Chancellors. The Lord Chancellor is a political officer of the highest importance and influence. He is a privy-councillor, and at the head of the judges and of the law. His duration of office, however, is dependent upon that of the ministry of which he is a member. The Master of the Rolls holds his appointment for life; and the Vice-Chancellors and Lords Justices of Appeal, by act 13th Will. III., cap. 2, during good conduct.
The salary of the Lord Chancellor is £10,000; that of the Master of the Rolls and the Lords Justices of Appeal, £6000 each; and that of the Vice-Chancellors, £5000.