[eq.ui.ty] n, pl -ties [ME equite, fr. MF equite, fr. L aequitat-, aequitas, fr. aequus equal, fair] (14c) 1 a: justice according to natural law or right; specif: freedom from bias or favoritism b: something that is equitable
2. a: a system of law originating in the English chancery and comprising a settled and formal body of legal and procedural rules and doctrines that supplement, aid, or override common and statute law and are designed to protect rights and enforce duties fixed by substantive law b: trial or remedial justice under or by the rules and doctrines of equity c: a body of legal doctrines and rules developed to enlarge, supplement, or override a narrow rigid system of law 3 a: a right, claim, or interest existing or valid in equity b: the money value of a property or of an interest in a property in excess of claims or liens against it c: a risk interest or ownership right in property d: the common stock of a corporation