More about the principle Where equities are equal the first in time prevail
Introduction
According to the maxim when there is no legal estate in the field and the question is as among the equitable estates only, the rule is that the person whose equity attached to the property first be entitled to priority over the other.
Meaning of the Maxim
Where there are two or more competing equitable interest , when two equities are equal the original interest such as the first in time will succeed. when there are two parties each have right to possess something then the one who acquired an interest first should prevail in equity .
For Example
A person advertises a Pet for sale in the classified section of New York Times the first person to see the ads offers him 500 Dollar less then the asking price But the person who is going to sell accept the cross offer , but the buyer asked , that he will take and pay the amount on Sunday , Meanwhile another buyer comes with offers more hen the previous and takes the pet himself , who owns the pet . contract law and the court equity agrees that the first buyer gets the pet and the second buyers gets his money back , Because Come first take first is the principal of equity
Application Of the Maxim
section 48 of transfer of property act 1882 is based on this maxim .
For Example
A mortgages property first to B , and then to C, B's , interests having been created first in the point of time, B , will have priority over C, . The rule applies only where equities are equal
Mortgage Executed By a Receiver
Where a mortgage is executed by Receiver under an order of court and by that order the court directs that such mortgage priority over any other mortgage of the earlier.
Concluding Remarks
In conclusion I would like to conclude that where two parties have the equal right to possess something then the one who acquired an interest first should prevail in equity.
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