Definition of: equity

(ek′wə·tē) noun plural ·ties
1. Fairness or impartiality; justness.
2. Something that is fair or equitable.
3. Law a Justice administered between litigants which is based on natural reason or ethical judgment. b That field of jurisprudence superseding the legal remedies of statute law and common law when these are considered inadequate or inflexible for the purposes of justice to the parties concerned. c A right recognized by a court of equity.
4. Value in excess of mortgage or other liens. See synonyms under JUSTICE. [<F équité <L aequitas, -tatis <aequus equal]