The Law Dictionary

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FUNGIBLE THINGS Definition & Legal Meaning

Definition & Citations:

Movable goods which may be estimated and replaced accordingto weight, measure, and number. Things belonging to a class, which do not have to bedealt with in specie.Those things one specimen of which is as good as another, as is the case with halfcrowns,or pounds of rice of the same quality. Horses, slaves, and so forth, are nonfungiblethings, because they differ individually in value, and cannot be exchangedindifferently one for another. Holl. Jur. 88.Where a thing which is the subject of an obligation (which one man is bound todeliver to another) must be delivered in specie, the thing is not fungible; that veryindividual thing, and not another thing of the same or another class, in lieu of it, mustbe delivered. Where the subject of the obligation is a thing of a given class, the thing issaid to be fungible; i. e., the delivery of any object which answers to the genericdescription will satisfy the terms of the obligation. Aust. Jur. 4S3, 4S4.


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