Maxims of Equity
1) Equity will not suffer a wrong to be without a remedy
Equity will intervene in circumstances in which there is no apparent remedy.
2) Equity will follow the law
In all circumstances equity will be bound to follow the statutes (Law)
3)When there is equal equity the law shall prevail
In a situation in which there is not clear distinction between parties, as to which of the has better claim in equity, the common law principle shall be applied.
4) Where equities are equal, the first in time shall prevail
Time is important to equity. Showing it's commercial identity. for example, if two claimants have equally strong cases equity will favor the person who acquired their right first.
5) Delay defects the equities
Another example of the important of time in equity. the principle is that , if a claimant allow too much to elapse between the available facts and service of court proceeding to protect that claim, the court will not protect his right.