The term chancellor can have a few different meanings, but the most likely one to find in business or legal terminology is a judge. A chancellor is a judge in a court that primarily handles civil cases or courts of equity. This type of judge is known to settle disputes outside of the normal criminal court system.
In some cases, the Chancellor is also referred to as the Chancellor of Equity or the Chancellor of Chancery. This is because this type of judge/court originally developed in England during the middle ages and is considered part of the English court of Chancery where equitable relief may be provided. In English Equity there are two main courts– the court of common law which deals with statutes and common law and the court of equity, which uses equity or fairness to make a ruling.
What Role Does a Chancellor Play?
Typically, a chancellor is the head or presiding officer of a court. They are usually set up as an appeals court where they have the power to alter or change a previously made court decision. It is an important job, as the chancellor is expected to apply fundamental principles of fairness and justice in interpreting the law.
All in all, chancellor is a term most often used to describe a judge that presides over a court of equity. The role of the chancellor is to make sure that justice is served according to the established legal principles of fairness.