adjective Law.
(especially of goods) being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind.

1755–65; < Medieval Latin fungibilis, equivalent to Latin fung(ī) to perform the office of + -ibilis -ible

fungibility, noun
nonfungible, adjective
unfungible, adjective

frangible, fungible. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
fungible (ˈfʌndʒɪbəl)
1.  (often plural) moveable perishable goods of a sort that may be estimated by number or weight, such as grain, wine, etc
2.  having the nature or quality of fungibles
[C18: from Medieval Latin fungibilis, from Latin fungī to perform; see function]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

1765 (n.), 1818 (adj.), a word in law originally, from M.L. fungibilis, from fungi "perform," as in fungi vice "to take the place" (see function).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Therefore, increased fungibility of the product improves distribution efficiencies and lowers costs.
Another complication raised by the implementation of the ethanol mandate is the loss of fungibility for conventional fuel.
Fourth, the regulatory framework needs to account for the fungibility of financial products, actors and markets.
However, in the case of money, possession may be the only effective means given its fungibility.
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