Blacks Law Dict. 1st ed

EQUITABLE

427

EQUITY

Existing in equity; available or sustaina ble only in equity, or only upon the rules and principles of equity. EQUITABLE ASSETS. Equitable as sets are all assets which are chargeable with the payment of debts or legacies in equity, and which do not fall under the description of legal assets. 1 Story, Eq. Jur. § 552. Those portions of the property which by the ordinary rules of law are exempt from debts, but which the testator has voluntarily charged as assets, or which, being non-exist ent at law, have been created in equity. Adams, Eq. 254, et seq. They are so called because they can be reached only by the aid and instrumentality of a court of equity, and because their distri bution is governed by a different rule from that which governs the distribution of legal assets. 2 Fonbl. Eq. b. 4, pt. 2, c. 2, § 1, and notes; Story, Eq. Jur. § 552. EQUITABLE ASSIGNMENT. An assignment which, though invalid at law, will be recognized and enforced in equity; e. g., an assignment of a chose in action, or of future acquisitions of the assignor. EQUITABLE CONSTRUCTION. A construction of a law, rule, or remedy which bas regard more to the equities of the par ticular transaction or state of affairs involved than to the strict application of the rule or remedy; that is, a liberal and extensive con struction, as opposed to a literal and restrict ive. EQUITABLE CONVERSION. The transformation, by a doctrine of equity, of per sonalty into realty, in respect to its qualities and disposition, and of real estate into person alty. By this doctrine, money which, by will or agreement, is to be invested in land, is con sidered and treated as realty, and land which is to be turned into money is considered and treated as money. 8 Wall. 214; 45 Pa. St. 87; 61 Wis. 477, 21 N. W. Kep. 615. EQUITABLE DEFENSE. In English practice. A defense to an action on grounds which, prior to the passing of the common law procedure act, (17 & 18 Yict. c. 125,) would have been cognizable only in a court of equity. Mozley & Whitley. In American practice. A defense which is available only in equity, except under the reformed codes of practice, where it may be interposed in a legal action. EQUITABLE ESTATE. An equitable estate is an estate an interest in which can

only be enforced in a court of chancery. 9 Ohio, 145. That is properly an equitable estate or in terest for which a court of equity affords the only remedy; and of this nature, especially, is the benefit of every trust, express or im plied, which is not converted into a legal es tate by the statute of uses. The rest are equities of redemption, constructive trusts, and all equitable charges. Burt. Comp. c. 8. EQUITABLE MORTGAGE. A mort gage arising in equity, out of the transactions of the parties, without any deed or express contract for that special purpose. 4 Kent, Comm. 150. A lien upon realty, which is of such a char acter that a court of equity will recognize it as a security for the payment of money loaned or due. 2 Story, Eq. Jur. § 1018. A moitgage upon a purely equitable estate or interest. In English law. The following mort gages are equitable: (1) Where the subject of a mortgage is trust property, which secu rity is effected either by a formal deed or a written memorandum, notice being given to the trustees in order to preserve the priority. (2) Where it is an equity of redemption, which is merely a right to bring an action in the chancery division to ledeem the estate. (3) Wlieie there is a written agreement only to make a mortgage, which creates an equitable lien on the land. (4) Where a debtor depos its the title-deeds of his estate with his cred itor or some person on his behalf, without even a verbal communication. The deposit itself is deemed evidence of an executed agree ment or contract for a mortgage for such es tate. Wharton. EQUITABLE WASTE. Injury to a reveision or remainder in real estate, which is not recognized by the courts of law as waste, but which equity will interpose to pre vent or remedy. EQUITATURA. In old English law. Traveling furniture, or riding equipments, including horses, horse harness, etc. Reg. Orig. 1006/ St. Westm. 2, c. 39. EQUITY. 1. In its broadest and most gen eral signification, this term denotes the spirit and the habit of fairness, justness, and right dealing which should regulate the intercourse of men with men,—the rule of doing to all others as we desire them to do to us; or, as it is expressed by Justinian, "to live honestly, to harm nobody, to render to every man his

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