Fungible things are items or goods that are interchangeable or replaceable with others of the same kind, quantity, or value. In legal terms, fungible things are considered to be mutually interchangeable and indistinguishable, such as money, commodities, or generic goods. This means that one unit of a fungible item can be substituted for another without altering its value or characteristics. Fungibility simplifies transactions and facilitates trade, as it allows parties to exchange goods or assets of the same type without the need for specific identification or differentiation. However, fungibility can also give rise to challenges in situations where ownership or possession of specific units of a fungible item is disputed or where traceability is important, such as in cases involving stolen or embezzled funds.
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This glossary post was last updated: 29th March 2024.
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