exchange

A voluntary association or corporation organized for the purpose of furnishing its members a convenient and suitable place to transact their business, of promoting uniformity in the customs and usages of merchants, of inculcating principles of justice and equity in trade, of facilitating the speedy adjustment of business disputes, of acquiring and disseminating valuable commercial and economic information, and generally of securing to its members the benefits of co-operation in the furtherance of their legitimate pursuits. 50 Am J1st Stock Ex § 2. An organized and established place of business wherein the marketing of securities is conducted and accomplished. Fratt v Robinson (CA9 Wash) 203 F2d 627, 37 ALR2d 636. A stock exchange, a place where securities are bought and sold; a commodity exchange, a place where grain, cotton, wool, etc. is bought and sold. 50 Am J1st Stock Ex § 2. An association acting in the mutual exchange of insurance contracts by the subscribers thereto under a system of reciprocal or interinsurance. 29 Am J Rev ed Ins § 102. An exchange of the money of one country for the money of another at a rate which depends upon the respective values of the two currencies in the money markets of the world. 36 Am J1st Money § 26. A transfer of money from one person to another at a distant place at an agreed or customary rate of exchange. A word indicating negotiability where it appears on the face of an instrument calling for the payment of money to a named payee. UCC § 3-110(1). A reciprocal transfer of property for property, in other words a trade, barter, or swap. 30 Am J2d Ex P § 1. An executed contract which operates per se as a reciprocal conveyance of the thing given and of the thing received in exchange, each of the parties being individually considered in the double light of vendor and vendee. Preston v Keene (US) 14 Pet 133, 10 L Ed 387. For tax purposes, a bona fide transfer of property for property other than money or a cash equivalent. See arbitration of exchange; barter; bill of exchange; dry exchange; first of exchange; loan for exchange; par of exchange; rate of exchange; sale and exchange; second of exchange; set of exchange; stipulation for exchange; trade.