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Fungible Goods

Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

Goods of a given class, any unit of which is as acceptable as another and will satisfy an obligation expressed in terms of the class.  For example, bushels of wheat of a particular grade are fungible goods, as each unit of wheat of the same quality does not differ individually in value from the other units; any may be accepted or tendered without necessity of segregation or selection of particular bushels of wheat.

Much of the grain business of the country is conducted through the medium of grain elevators and warehouses, wherein grain is stored in a common property.  The depositor is entitled to grain in the same kind and quantity upon demand.

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