Existing Equity Law and Legal Definition

Existing equity is 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. [Chesapeake & O. R. Co. v. State Nat'l Bank, 280 Ky. 444 (Ky. 1939)].