Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    A reciprocal conveyance of land.

  • Black's Law Dictionary: 2nd Edition

    In conveyancing. A mutual grant of equal interests, (in lands or tenements,) the one in consideration of the other. 2 Bl. Comm. 323; Windsor v. Collin-son, 32 Or. 297, 52 Pac. 26; Gamble v. McClure, 69 Pa. 282; Hartwell v. De Vault, 159 111. 325, 42 N. E. 789; Long v. Fuller, 21 Win. 121. In the United States, it appears, exchange does not differ from bargain and sale. See 2 Bouv. Inst. 2055. In commereial law. A negotiation by which one person transfers to another funds which he has in a certain place, either at a price agreed upon or which is fixed by commercial usage. Nicely v. Bank, 15 Ind. App. 563, 44 N. E. 572, 57 Am. St. Rep. 245; Smith v. Kendall, 9 Mich. 241, 80 Am. Dec. 83. The profit which arises from a maritime loan, when such profit is a percentage on the money lent, considering it in the light of money lent in one placo to be returned in another, with a difference in amount in the sum borrowed and that paid, arising from the difference of time and placa The term is commonly used in this sense by French writers. Hall, Emerig. Mae, Loans, 56n. A public place where merchants, brokers, factors, etc., meet to transact their business. In law of personal property. Exchange of goods is a commutation, transmutation, or transfer of goods for other goods, as distinguished from sale, which is a transfer of goods for money. 2 Bl. Comm. 446 ; 2 Steph. Comm. 120; Elwell v. Chamberlin, 31 N. Y. 624; Cooper v. State, 37 Ark. 418; Preston v. Keene, 14 Pet. 137, 10 In Ed. 387. Exchange is a contract by which the parties mutually give, or agree to give, one thing for another, neither thing, or both things, being money only. Civ. Code Cal. § 1804; Civ. Code Dak. .§ 1029; Civ. Code La. art. 2660. The distinction between a sale and exchange of property is rather one of shadow than of substance. In both cases the title to property is absolutely transferred; and the same rules of law are applicable to the transaction, whether the consideration of the contract is money or by way of barter. It can make no essential difference in the rights and obligations of parties that goods and merchandise are transferred and paid for by other goods and merchandise instead of by money, which la but the representative of value or property. Com. V. Clark, 14 Gray (Mass.) 367.
    —Arbitration of exchange. The business of buying and selling exchange (bills of exchange) between two or more countries or markets, and particularly where the profits of such business are to be derived from a calculation of the relative value of exchange in the two countries or markets, and by taking advantage of the fact that the rate or exchange may be higher in the one place than in the other at the same time.
    —Dry exchange. In English law. A term formerly in use, said to have been invented for the purpose of disguising and covering usury ; something being pretended to pass on bath sides, whereas, in truth, nothing passed but on one side, in which respect it was called "dry." Cowell; Blount.
    —Exchange, hill of. See Bill of Exchange.
    —Exchange broker. One who negotiates bills of exchange drawn on foreign countries or on other places in the same country; one who makes and concludes bargains for others in matters of money or merchandise. Little Rock v. Barton, 33 Ark. 444 ; Portland v. O'Neill, 1 Or. 219.
    —Exchange of livings. In ecclesiastical law. This is effected by resigning them into the bishop's hands, and each party being inducted into the other's benefice. If either die before bath are inducted, the exchange is void
    —First of exchange, Second of exchange. See First.
    —Owelty of exchange. See Owelty.