What is EXCHANGE?

In conveyancing. A mutual grant of equal Interests, (in lauds or tenements,) the one in consideration of theother. 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. 7S9; Long v. Fuller, 21Wis. 121. In the United States, It appears, exchange does not differ from bargain andsale. See 2 Bouv. Inst. 2055.In commercial law. A negotiation by which one person transfers to another fundswhich he has in a certain place, either at a price agreed upon or which is fixed by commercialusage. Nicely v. Bank, 15 Ind. App. 503. 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 onthe money lent, considering It in the light of money lent in one place to be returned inanother, with a difference in amount in the sum liorrowed and that paid, arising fromthe difference of time and place. The term is commonly used in this sense by Frenchwriters. Hall, Emerig. Mar. Loans, 56

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