Of Property

An exchange of chattels is a transfer thereof for other chattels. This is commonly called "barter." Exchange of real estate is a mutual grant of equal interests in land, the one in consideration of the other. 2 Bl. Comm. 323; Litt. 62; Shep. Touch. 289; Watk. Conv. It is said that exchange in the United States does not differ from bargain and sale. 2 Bouv. Inst, note 2055, At Common Law. Five circumstances are necessary to an exchange: That the estates given be equal; that the word excambium, or exchange, be used, which cannot be supplied by any other words, 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 several counties, or if the things lie in grant, though they be in one county, it be by deed indented. In practice this mode of conveyancing is nearly obsolete. See Cruise, Dig. tit. 32; Comyn, Dig.; Co. Litt. 51; 1 Washb. Real Prop. 159; Hardin (Ky.) 593; 1 N. H. 65; 3 Har. & J. (Md.) 361; 3 Wils. 489; Watk. Conv. bk. 2, c. 5; 3 Wood, Conv. 243.

Defined under Exchange in The Cyclopedic Law Dictionary.