exchange

exchange', as used in § 117(d), implies reciprocal transfers of capital assets, not a single transfer to compensate for the destruction of the transferee's asset.

In Commercial 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 iixed by commercial usage. This transfer is made by means of an instrument which represents such funds, and is well known by the name of a "bill of exchange." The price above the par value_of the funds so transferred is called the "premium" of exchange, and if under that value the difference is called the "discount"; either being called the "rate" of exchange. The rate of exchange, the difference in value of the same amount of money in different places, is sometimes known as "exchange." —

In Commercial 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. This transfer is made by means of an instrument called the premium of exchange, and If under that value the difference is called the discount,— either being called the rate of exchange. The par of exchange is the value of the money of one country in that of another, and is either real or nominal. The nominal par is that which has been fixed by law or usage, and, for the sake of uniformity, is not altered, the rate of exchange alone fluctuating. The real par is that based on the weight and fineness of the coins of the two countries, and fluctuates with changes in the coinage. The nominal par of exchange in this country on England, settled in 1799 by act of congress, was four dollars and forty-four cents for the pound sterling; but by successive changes in the coinage this value has been increased, the real mint par at present being $4,866%. The course of exchange means the quotations for any given time. The transfer of goods and chattels for other goods and chattels of equal value. This is more commonly called barter. Where a party deposits wheat with a mill company, expecting to receive a proportionate amount of flour, it constitutes an exchange and not a sale; Martin v. Mill Co., 49 Mo. App. 23. One cannot, as having been defrauded thereby, rescind an exchange of property, without tendering a return of his property to the other, unless it is absolutely worthless; Johnson v. Flynn, 97 Mich. 581, 56 N. W. 939. 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 is but. the representative of value or property; Com. v. Clark, 14 Gray (Mass.) 372. 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 place to be returned in another, with a difference in amount in the sum borrowed and that paid, arising from the difference of time ami place. The term is commonly used in this sense by French writers. Hall, Mar. Loans 5C>, n. The place where merchants, captains of vessels, exchange-asents, brokers, etc.. assemble to transact their business. Cadr <lc Comm. art. 71. See Stock Exchange. In Conveyancing. A mutual grant of equal interests in land, the one in consideration of the other. 2 Bla. Com. 323; Littleton 62; Shep. Touchst 289; Digby, R. P. 368. It is said that exchange in the United States does There are five circumstances necessary to an exchange. That the estates given be equal. That the word excambium, or exchange, be used, — which cannot I e by any other u urd, or described by circumlocution. That there be an execution by entry or claim in the life of the parties. That if it be of things which lie in grant, it be by deed. That if the lands lie In a counties, or if the thing lie in grant, though they be in one county, it be by deed lnd< In practice this mode of conveyancing is nearly obsolete. See Cruise, Dig. tit. 32; Com. Dig.; Co. Litt. 51; 1 Washb. B. P. 159; Cass v. Thompson, 1 N. II. 65, 8 Am. Dec. 30; Maydwell v. Carroll, 3 Harr. ft J. (Md.i 361; Stroll \. Swafford Bros., 79 la. 135, 44 N. W Close v. Crossland, 47 Minn. 500, 50 N. W. 694; Williamson v. Woten, 132 Ind. 2 N. E. 791; Gunter v. Leckey, 30 Ala. Real Estate Bkoker.

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.

An original conveyance at common law for an exchange of interest in land of the same degree, — as a fee-simple for a feesimple; a lease for so many years for a lease for so many years, etc.; a transfer of goods for other goods.

An original common-law conveyance transfer of landed interests of the same warrantor was to give the warrantee lands those of which he has been dispossessed.

[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.

contracts, is a penalty affixed by law on the non-payment of a bill.of exchange when it is not paid at maturity, and which the ‘parties to it are obliged to pay to the holder. The discordant and shifting regulations on this subject ‘which have been enacted in the several states render it almost impossible to give a correct view of this subject. It is not, besides, within the plan of this work to go into such minute details. The reader is referred to 3 Kent, Com. 80; 1 Law Intell. 33; Griff. Reg. answers to No. 180; Dane’s Ab. Index, h. t.