EMMANUEL COLLEGE V EVANS (1626) AND THE HISTORY OF MORTGAGES

For more than two and half centuries, the case of Emmanuel College v Evans (1626) has been understood as a leading case for the origin of the principal doctrine of mortgage law: the equity of redemption. A closer inspection shows that it has nothing to do with the equity of redemption. This article examines Emmanuel College to see what it was actually about and where this leaves the history of mortgages in equity. In so doing, the article demonstrates the status of Emmanuel College as a leading case to be invalid, and exposes a serious flaw in the methodology of much historiography on mortgages and of early-modern equity more generally. The article also shows how a leading case can obtain its position when it does not stand for its purported proposition. And it provides a nearly unique window into the nature of the Chancery court record and development of equity thanks to a serendipitous documentary survival.