Chancellor – Origin of the name: In ancient England, the King was regarded as the “fountain of justice”; and, when any person conceived that he had been wronged, either in court or out of court, he had the privilege of petitioning the King for redress. The King being unable to hear all of these complaints because of the number and complexity generally referred them to his chief secretary, who was called his Chancellor. This officer was an ecclesiastic, trained in the law and theology of Rome and was sometimes called “the keeper of the Kings’ conscience.”
-Gibson’s Suits in Chancery (5th ed. Crownover 1955), Part 1, sec. 2

From this, the Chancery Court was formed and brought to this country through the North Carolina settlers.