equitable estate

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A right in property recognized by the Court of Chancery, as distinct from a legal estate recognized in common law courts (see estate). Equitable estates reflected legal interests but could be more flexible (compare shifting use; springing use). Before 1926, most types of estate could exist either at law or in equity; since 1925 only a limited number of legal estates can exist; all other interests in land are called equitable interests. The term equitable estate is now technically incorrect.

Subjects: Law.

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