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Fungible Goods
Source:
Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order
it here)
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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