existing equity


existing equity
An existing right enforceable in equity, if not at law. The right of a carrier to deny as to the shipper receipt of the goods for which its agent has issued a bill of lading is an "existing equity" within the provision of the Federal Bill of Lading Act that a straight bill cannot be negotiated free from existing equities. Chesapeake & O. R. Co. v State Nat. Bank, 280 Ky 444, 1 33 SW2d 511, 130 ALR 1306. See equitable right.

Ballentine's law dictionary. . 1998.

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