A more thorough explanation:

A chancellor is a judge who presides over a chancery court, which is an equity court in the old English legal system. In these courts, the chancellor has the power to order specific actions instead of just awarding damages. This means that remedies like injunctions, specific performance, and vacatur are available in equity courts.

In some states in the United States, chancery courts were created to deal exclusively with equitable relief. However, most states have abolished this distinction, and courts now have the power to fashion both legal and equitable remedies.

One example of a chancellor office in the federal government is the Chancellor of the Smithsonian Institution, which is held by the Chief Justice of the United States. The Smithsonian Institution is a group of museums administered by the government, and the Chancellor of the Smithsonian holds a ceremonial office similar to that of a university chancellor.

Chancellor can also refer to governmental positions, such as the head of the government in Germany.

These examples illustrate how the term chancellor can refer to both a judge in an equity court and a governmental position. In both cases, the chancellor holds a position of authority and has the power to make important decisions.