Equity Maxims

Essay by brandylaiCollege, UndergraduateB+, September 2007

download word file, 1 pages 5.0 1 reviews

Downloaded 31 times

The legal situation today in Hong KongWhenever there is any conflict or variance between the rules of equity and the rules of the common law with reference to the same matter – rules of equity will prevail.

Article 8 of the Basic Law states that all laws previously in force in Hong Kong, that is, the common law, rules of equity, ordinances, subordinate legislation and customary law shall be maintained, except for any that contravene this Law, and subject to any amendment by the legislature of the Hong Kong Special Administrative Region.

Maxims (=standards, rules) of Equity ( Curzon, 1994)1. Equity acts on the conscience – equity acts on the conscience of the legal owner to prevent him from acting in an unconscionable manner by defeating the common intention (Grant v Edwards [1986]);2. Equity acts in personam – not in rem;3. Equity follows the law – unless there is a good reason for deviating from the law, equity will follow it;4.

Where there are two equal equities the law prevails – priority goes to the legal owner;5. Where there are two equal equities the first in time prevails;6. Equitable remedies are discretionary – all courts can grant injunction or specific performance;7. Delay defeats equity – by negligence or unreasonable delay in the assertion or enforcing of a right will defeat equity;8. Equality is equity – may favour the counting the shares in tenancy in common;9. He who seeks equity must do equity;10. He who comes to equity must come with clean hands;11. Equity will not permit a statute to be used as cloak for fraud;12. Equity does not suffer a wrong to be without a remedy;13. Equity looks to the substance and intent rather than to the form;14. Equity looks on that as done which ought to be...