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Equity (law)
Equity is a particular body of law that was developed in the English Court of Chancery. Its general purpose is to provide a remedy for situations where the law is not flexible enough for the usual court system to deliver a fair resolution to a case. The concept of equity is deeply intertwined with its historical origins in the common law system used in England. However, equity is in some ways a separate system from common law: it has its own established rules and principles, and was historically administered by separate courts, called " courts of equity" or "courts of chancery". Equity exists in domestic law, both in civil law and in common law systems, and in international law. The tradition of equity begins in antiquity with the writings of Aristotle (''epieikeia'') and with Roman law (''aequitas''). Later, in civil law systems, equity was integrated in the legal rules, while in common law systems it became an independent body of law. Equity in common law jurisdictions (gener ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Chancery
The Court of Chancery was a court of equity in England and Wales that followed a set of loose rules to avoid a slow pace of change and possible harshness (or "inequity") of the Common law#History, common law. The Chancery had jurisdiction over all matters of equity, including English trusts law, trusts, English property law, land law, the estates of Mental illness, lunatics and the guardianship of infants. Its initial role was somewhat different: as an extension of the lord chancellor's role as Keeper of the King's Conscience, the court was an administrative body primarily concerned with conscientious law. Thus the Court of Chancery had a far greater remit than the common law courts, whose decisions it had the jurisdiction to overrule for much of its existence, and was far more flexible. Until the 19th century, the Court of Chancery could apply a far wider range of remedies than common law courts, such as specific performance and injunctions, and had some power to grant damage ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiduciary
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party, who, for example, has entrusted funds to the fiduciary for safekeeping or investment. Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries under applicable statutes and laws. In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice, or protection is sought in some matter... In such a relation, good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Provisions Of Oxford
The Provisions of Oxford were constitutional reforms developed during the Oxford Parliament of 1258 to resolve a dispute between King Henry III of England and his barons. The reforms were designed to ensure the king adhered to the rule of law and governed according to the advice of his barons. A council of fifteen barons was chosen to advise and control the king and supervise his ministers. Parliament was to meet regularly three times a year. Like the earlier Magna Carta, the Provisions of Oxford demonstrated the ability of the barons to press their concerns in opposition to the monarchy. The king ultimately refused to abide by the reforms, sparking the Second Barons' War. The king defeated his opponents, and royal authority was restored. Background When in the spring of 1258 Henry III sought financial aid from Parliament, he was confronted by a group of barons who insisted on a new commission of reform, in the shape of a committee of twenty-four members, twelve selected by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of England
The Parliament of England was the legislature of the Kingdom of England from the 13th century until 1707 when it was replaced by the Parliament of Great Britain. Parliament evolved from the great council of bishops and peers that advised the English monarch. Great councils were first called Parliaments during the reign of Henry III (). By this time, the king required Parliament's consent to levy taxation. Originally a unicameral body, a bicameral Parliament emerged when its membership was divided into the House of Lords and House of Commons, which included knights of the shire and burgesses. During Henry IV's time on the throne, the role of Parliament expanded beyond the determination of taxation policy to include the "redress of grievances," which essentially enabled English citizens to petition the body to address complaints in their local towns and counties. By this time, citizens were given the power to vote to elect their representatives—the burgesses—to the H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Chancellor
The lord chancellor, formally the lord high chancellor of Great Britain, is the highest-ranking traditional minister among the Great Officers of State in Scotland and England in the United Kingdom, nominally outranking the prime minister. The lord chancellor is appointed by the sovereign on the advice of the prime minister. Prior to their Union into the Kingdom of Great Britain, there were separate lord chancellors for the Kingdom of England (including Wales) and the Kingdom of Scotland; there were lord chancellors of Ireland until 1922. The lord chancellor is a member of the Cabinet and is, by law, responsible for the efficient functioning and independence of the courts. In 2005, there were a number of changes to the legal system and to the office of the lord chancellor. Formerly, the lord chancellor was also the presiding officer of the House of Lords, the head of the judiciary of England and Wales and the presiding judge of the Chancery Division of the High Court of Justic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chancery (medieval Office)
A chancery or chancellery ( la, cancellaria) is a medieval writing office, responsible for the production of official documents.Coredon ''Dictionary of Medieval Terms and Phrases'' p. 66 The title of chancellor, for the head of the office, came to be held by important ministers in a number of states, and remains the title of the heads of government in modern Germany and Austria. Chancery hand is a term for various types of handwriting associated with chanceries. Etymology The word ''chancery'' is from French, from Latin, and ultimately refers to the lattice-work partition that divided a section of a church or court, from which also derives chancel, cancel "cross out with lines", and, more distantly, incarcerate "put behind bars" – see '' chancery'' for details. In England In England, this office was one of the two main administrative offices, along with the Exchequer. It began as part of the royal household, but by the 13th-century was separate from the household and was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norman Conquest Of England
The Norman Conquest (or the Conquest) was the 11th-century invasion and occupation of England by an army made up of thousands of Normans, Norman, Duchy of Brittany, Breton, County of Flanders, Flemish, and Kingdom of France, French troops, all led by the Duke of Normandy, later styled William the Conqueror. William's claim to the English throne derived from his familial relationship with the childless Anglo-Saxon king Edward the Confessor, who may have encouraged William's hopes for the throne. Edward died in January 1066 and was succeeded by his brother-in-law Harold Godwinson. The Norwegian king Harald Hardrada invaded northern England in September 1066 and was victorious at the Battle of Fulford on 20 September, but Godwinson's army defeated and killed Hardrada at the Battle of Stamford Bridge on 25 September. Three days later on 28 September, William's invasion force of thousands of men and hundreds of ships landed at Pevensey in Sussex in southern England. Harold march ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Unjust Enrichment Law
The English law of unjust enrichment is part of the English law of obligations, along with the law of contract, tort, and trusts. The law of unjust enrichment deals with circumstances in which one person is required to make restitution of a benefit acquired at the expense of another in circumstances which are unjust. The modern law of unjust enrichment encompasses what was once known as the law of quasi-contract. Its precise scope remains a matter of controversy. Beyond quasi-contract, it is sometimes said to encompass the law relating to subrogation, contribution, recoupment, and claims to the traceable substitutes of misapplied property. English courts have recognised that there are four steps required to establish a claim in unjust enrichment. If the following elements are satisfied, a claimant has a prima facie right to restitution: # the defendant has been ''enriched''; # this enrichment is ''at the claimant's expense''; # this enrichment at the claimant's expense is ''unjus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unjust Enrichment
In laws of equity, unjust enrichment occurs when one person is enriched at the expense of another in circumstances that the law sees as unjust. Where an individual is unjustly enriched, the law imposes an obligation upon the recipient to make restitution, subject to defences such as change of position. Liability for an unjust (or unjustified) enrichment arises irrespective of wrongdoing on the part of the recipient. The concept of unjust enrichment can be traced to Roman law and the maxim that "no one should be benefited at another's expense": ''nemo locupletari potest aliena iactura'' or ''nemo locupletari debet cum aliena iactura''. The law of unjust enrichment is closely related to, but not co-extensive with, the law of restitution. The law of restitution is the law of gain-based recovery. It is wider than the law of unjust enrichment. Restitution for unjust enrichment is a subset of the law of restitution in the same way that compensation for breach of contract is a subset of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Set-off (law)
In law, set-off or netting are legal techniques applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. The net claim is known as a net position. In other words, a set-off is the right of a debtor to balance mutual debts with a creditor. Any balance remaining due either of the parties is still owed, but the mutual debts have been set off. The power of net positions lies in reducing credit exposure, and also offers regulatory capital requirement and settlement advantages, which contribute to market stability. Difference between set-off and netting Whilst netting and set-off are often used interchangeably, a legal distinction is made between ''netting'', which describes the procedure for and outcome of implementin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Doctrine Of Marshalling
Marshalling is an Equity (law), equitable doctrine applied in the context of lending. It was described by Leonard Hoffmann, Baron Hoffmann, Lord Hoffmann as: In the United States, Harlan F. Stone, Justice Stone described that: General principles It has been held that marshalling applies to all forms of secured indebtedness, including liens. A claim for marshalling will not be allowed by the courts where it would be unjust or unfair to allow the junior creditor to marshal, and therefore: #It cannot interfere or prejudice the position of the senior creditor. #It cannot prejudice third parties. #It must be brought in a fair and timely fashion Marshalling is not available to a second mortgagee where the first mortgagee is contractually bound to look first to the other property to satisfy the debt due to him. While quite similar to the doctrine of subrogation, the two are quite distinct equitable remedies: :* Subrogation applies where there is only one debt. :* Subrogation ent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subrogation
Subrogation is the assumption by a third party (such as a second creditor or an insurance company) of another party's legal right to collect a debt or damages. It is a legal doctrine whereby one person is entitled to enforce the subsisting or revived rights of another for one's own benefit. A right of subrogation typically arises by operation of law, but can also arise by statute or by agreement. Subrogation is an equitable remedy, having first developed in the English Court of Chancery. It is a familiar feature of common law systems. Analogous doctrines exist in civil law jurisdictions. Subrogation is a relatively specialised field of law; entire legal textbooks are devoted to the subject. Doctrine Countries which have inherited the common law system will typically have a doctrine of subrogation, though its doctrinal basis in a particular jurisdiction may vary from that in other jurisdictions, depending upon the extent to which equity remains a distinct body of law in that jur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
