Owelty
A Dictionary of Law · William C. Anderson · 1889
A Dictionary of Law
Money paid, or secured, by one co-tenant to another, to equalize a partition of their realty. Somewhat in the nature of purchase-money for land.' A court of equity, with a view to the more convenient and perfect partition or allotment of the premises, may decree a pecuniary compensation to one of the parties for owelty or equality of partition, so as to prevent injustice or unavoidable inequality.^ Where equal partition in value cannot be made of any shares or purparts, the inquest shall equalize them by valuing them respectively, and award that any one or more shall be subject to the payment of such sum of money as shall be equal to the difference in value of any other share or shares, and shall return the same with their inquest; which sum or sums, when final judgment shall be rendered on the writ, shall be a lien on the lands designated to pay the same.*