USIU

BUS 3010

BUSINESS LAW EQUITY

The Maxims of Equity

Maxims of Equity— As we have seen in the last chapters, the Courts of Chancery were governed by the principles of Equity. The Equity, again we have seen earlier, is not a single system of law bat a collection of appendices, But the principle of Equity which were followed by the Court of Chancery, while giving equitable reliefs, were not arbitrary. On the other -hand they were based upon those principles of right and obligation which have Juridical relation with aid application to the events aid transactions of society. Many of these general principles constituting the ultimate sources of equitable doctrines are enbodied in its twelve mixims of Equity. - .

According to Salmond, “Maxims are proverbs of the law and provide useful means for the expression of leading doctrines of the law in form which is brief and intelligible.

According to Prof. Hanbury, “They are the fruit of observation of developed doctrine and the ideas embodied in them are far older than their articulate expression.”

The twelve Maxims of Equity which embodied the principles of Equity justice are as under:

1) Equity will not suffer a wrong without a remedy.
2) Equity follows the law.
3) Where equities are Equal, the law shall prevail.
4) Where the Equities are equal, the first in time shall prevail.
5) He who seeks Equity must do Equity.
6) He why comes to Equity, must come with clean hands or He that hath committed inequity shall not have Equity.
7) Delay defeats Equity.
8) Equality is Equity.
9) Equity looks to the intent rather than to the form.
10) Equity looks on that as done which ought to have, been done
11) Equity acts in personam.
12) Equity imputes an intention to fulfill an obligation

PREPARED BY

SAMSON A. MAINYE
B.A. M.A. LL.B, LL.M, D.P.M