Definition of EXCHANGE


EXCHANGE

conveyancing. An exchange is a mutual grant of equal interests
in land, the one in consideration of the other. 2 Bl. Com. 323, Litt. s.
62, Touchs. 289, Watk. Prin. Con. It is said that exchange, in the United
States, does not differ from bargain and sale. 2 Bouv. Inst. n. 2055.

2. There are five circumstances necessary to an exchange. 1. That the
estates given be equal. 2. That the word escambium or exchange be used,
which cannot be supplied by any other word, or described by circumlocution.
3. That there be an execution by entry or claim in the life of the parties.
4. That if it be of things which lie in grant, it be by deed. 5. That if
the lands lie in several counties, it be by deed indented, or if the thing
lie in grant, though they be in one county. In practice this mode of
conveyancing is nearly obsolete. Vide Cruise, Dig. tit. 32 Perk. ch. 4 10
Vin. Ab. 125, Com. Dig. h. t., Nels. Ab. h. t., Co. Litt. 51, Hardins R.
593 1 N. H. Rep. 65 3 Har. & John. 361, 1 Rolles Ab. 813 .3 Wils. R. 489.
Vide Watk. Prin. Con. b. 2, c. 5, Horsman, 362 and 3 Wood, 243, for forms.


Source: Bouviers Law Dictionary 1856 Edition

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