Maxim
"between Equal Equities The First In Order Of Time Shall Prevail."
When two parties each have a right to possess something, then the one who acquired an interest first should prevail in equity. For example, a man advertises a small boat for sale in the classified section of the newspaper. The first person to see the ad offers him $20 less than the asking price, but the man accepts it. That person says he or she will pick up the boat and pay for it on Saturday. Meanwhile another person comes by, offers the man more money, and the man takes it. Who owns the boat? Contract law and equity agree that the first buyer gets the boat, and the second buyer gets his or her money back.
Additional topics
- Maxim - "equity Abhors A Forfeiture."
- Maxim - "between Equal Equities The Law Will Prevail."
- Other Free Encyclopedias
Law Library - American Law and Legal InformationFree Legal Encyclopedia: Marque and Reprisal to MinisterMaxim - The Foundations Of Equity, "he Who Seeks Equity Must Do Equity.", "he Who Comes Into Equity Must Come With Clean Hands." - "Equity follows the law.", "Equity acts specifically.", "Equity regards substance rather than form."