On Tue, Jan 11, 2011 at 2:53 PM, Mike Bennett <mbennett@xxxxxxxxxxxxxxx> wrote:|
Fungible means that for two things which are fungible, one can be directly replaced with the other, without any effect.
This is a formal and well understood concept, so there is not much need to reinvent it.
That's mostly right (no legal effect). The set of things count that count as equivalent can be defined by usage of trade, and to specific agreement amongst parties:
"Fungible goods" means: (A) goods of which any unit, by nature or usage of trade, is the equivalent of any other like unit; or (B) goods that by agreement are treated as equivalent. UCC § 1-201 (b) (18)
So it might be possible for houses to be fungible if the parties involved agree to it (though because houses are Real property, the UCC doesn't apply, and since Real property law is weird, there may be some block). There are plausible situations involving properties bought for investment purposes where fungibility would make sense.
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