1. The act of transferring interests, each in consideration for the other. [Cases: Exchange of Property
1. C.J.S. Exchange of Property §§ 2–3.]
bargained-for exchange. See BARGAINED-FOR EXCHANGE.
like-kind exchange. See LIKE-KIND EXCHANGE.
tax-free exchange. See TAX-FREE EXCHANGE.
1031 exchange. See 1031 EXCHANGE.
2. Money or negotiable instruments presented as payment; CURRENCY. See MEDIUM OF EXCHANGE.
3. The interchange or conversion of money. See FOREIGN EXCHANGE.
4. The payment of a debt using a bill of exchange or credit rather than money.
5. An organization that brings together buyers and sellers of securities, commodities, and the like to promote uniformity in the customs and usages of merchants, to facilitate the speedy adjustment of business disputes, to gather and disseminate valuable commercial and economic information, and to secure to its members the benefits of cooperation in the furtherance of their legitimate pursuits. • The best-known exchanges are stock, produce, livestock, cotton, and grain exchanges. See RECIPROCAL EXCHANGE. [Cases: Exchanges 1–15; Securities Regulation 40.10–40.16. C.J.S. Exchanges §§ 2–43; Securities Regulation§§ 154–163, 165–168.]
6. The building or hall where members of an exchange meet every business day to buy and sell for themselves, or as brokers for their customers, for present and future delivery. See SECURITIES EXCHANGE(1). — exchange, vb.
