The Court of Chancery was a court of equity in England and Wales that followed a set of loose rules to avoid the slow pace of change and possible harshness (or "inequity") of the common law. The Chancery had jurisdiction over all matters of equity, including trusts, land law, the administration of the estates of lunatics and the guardianship of infants. Its initial role was somewhat different, however; as an extension of the Lord Chancellor's role as Keeper of the King's Conscience.
With the Supreme Court of Judicature Act 1875, the Court of Chancery ceased to exist. The Master of the Rolls was transferred to the new Court of Appeal, the Lord Chancellor retained his other judicial and political roles, and the position of Vice-Chancellor ceased to exist, replaced by ordinary judges. The Chancery Division remains to this day part of the High Court of Justice of England and Wales
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