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FINDLAW LEGAL DICTIONARY

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Owelty

owelty n

pl: -ties
[Anglo-French oelté equality, from Latin aequalitat- aequalitas ]
: a lien created or a pecuniary sum paid by order of the court to effect an equitable partition of property (as in divorce) when such a partition in kind would be impossible, impracticable, or prejudicial to one of the parties [an award]



Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.