fungible

fun·gi·ble   (fŭn'jə-bəl)    adj.   Law Returnable or negotiable in kind or by substitution, as a quantity of grain for an equal amount of the same kind of grain. Interchangeable. n.  Something that is exchangeable or substitutable. Often used in the plural. [Medieval Latin fungibilis, from Latin fungī (vice), to perform (in place of).] fun'gi·bil'i·ty n.

fungible

Of or relating to assets that are identical in quality and are interchangeable. Commodities, options, and securities are fungible assets. For example, an investor's shares of Xerox left in custody at a brokerage firm are freely mixed with other customers' Xerox shares. Likewise, stock options are freely interchangeable among investors, and wheat stored in a grain elevator is not specifically identified as to its ownership.

Main Entry: fun·gi·ble
Pronunciation: 'f&n-j&-b&l
Function: adjective
Etymology: New Latin fungibilis, from Latin fungi to perform
: being something (as money or a commodity) one part or quantity of which can be substituted for another of equal value in paying a debt or settling an account fungible commodities>