Exchange

[L. Lat. excambium, L. Fr. eschange.] In conveyancing. A mutual grant of equal interests in lands, the one in exchange, or consideration for the other; one of the species of primary or original conveyances at common law, formerly of very frequent occurrence. The estates exchanged must be equal in quantity of interest, as fee simple for fee simple, a lease for twenty years for a lease for twenty [or thirty] years, and the like, but the quantity of value is immaterial. The word "exchange" must always be used in this conveyance, it being so individually requisite and appropriated by law to this case, that it cannot be supplied by any other word, or expressed by any circumlocution.

Shep. Touch. 289, 294. 2 Bl. Com. 323.

Litt. sect.

64, 65. Co. Litt. 50, 51. 1 Steph. Com. 477.