fungibles

Goods which are identical with others of the same nature, such as grain and oil. Mississippi State Tax Commission v. Columbia Gulf Transmission Co., 249 Miss. 88, 161 So.2d 173, 178.
With respect to goods or securities, those of which any unit is, by nature or usage of trade, the equivalent of any other like unit, U.C.C. No. 1-201(17); No. 8-107(1); e.g., a bushel of wheat or other grain; common shares of the same company. A product which has no important characteristics that identify it as coming from a particular supplier. Movable goods which may be estimated and replaced according to weight, measure, and number. Things belonging to a class, which do not have to be dealt with in specie. Where a thing which is the subject of an obligation (which one man is bound to deliver to another) must be delivered in specie, the thing is not fungible; that very individual thing, and not another thing of the same or another class, in lieu of it, must be delivered. Where the subject of the obligation is a thing of a given class, the thing is said to be fungible; i.e., the delivery of any object which answers to the generic description will satisfy the terms of the obligation

Black's law dictionary. . 1990.

Look at other dictionaries:

  • Fungibles — Fun gi*bles, n. pl. [LL. (res) fungibiles, probably fr. L. fungi to discharge. A barbarous term, supposed to have originated in the use of the words functionem recipere in the Digeste. Bouvier. Called fungibiles, quia una alterius vice fungitur.… …   The Collaborative International Dictionary of English

  • fungibles — goods that are dealt with in stacks, piles, quantities or lengths. Collins dictionary of law. W. J. Stewart. 2001 …   Law dictionary

  • fungibles — Goods which are comprised of many identical parts. For example, a bushel of grain, a barrel of apples or oil, which can be easily replaced by other identical goods. One of the tests of whether items are fungible or not is whether they can be sold …   Glossary of Bankruptcy

  • fungibles — Property that is indistinguishable from other property of the same type. Fungibles are completely substitutable or interchangeable. Two examples of fungibles are pork bellies and dollar bills. American Banker Glossary Instruments that are… …   Financial and business terms

  • Fungibles — Goods, securities or instruments that are equivalent and, therefore, interchangeable. In other words, they are goods that consist of many identical parts which can be easily replaced by other, identical goods. If the goods are sold by weight or… …   Investment dictionary

  • fungibles — Items that can be interchanged without any loss in *value. Examples of fungibles include bank notes and identical units of a *commodity …   Auditor's dictionary

  • fungibles — 1) Interchangeable goods, securities, etc., that allow one to be replaced by another without loss of value. Bearer bonds and banknotes are examples. 2) Perishable goods the quantity of which can be estimated by number or weight …   Accounting dictionary

  • fungibles — 1) Interchangeable goods, securities, etc. , that allow one to be replaced by another without loss of value. Bearer securities and banknotes are examples. 2) Perishable goods the quantity of which can be estimated by number or weight …   Big dictionary of business and management

  • bienes fungibles — Derecho. Los muebles de que no puede hacerse el uso adecuado de su naturaleza sin consumirlos, y aquellos en reemplazo de los cuales se admite legalmente otro tanto de igual calidad …   Diccionario de Economía Alkona

  • bienes fungibles — Derecho. Los muebles de que no puede hacerse el uso adecuado de su naturaleza sin consumirlos, y aquellos en reemplazo de los cuales se admite legalmente otro tanto de igual calidad …   Diccionario de Economía

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.