Definition of Fungibles
Goods which are identical with others of the same nature, such as grain and oil. Mississippi State Tax Commission v. Columbia Gulf Transmission Co., 249 Miss. 88, 161 So.2d 173, 178. With respect to goods or securities, those of which any unit is, by nature or usage of trade, the equivalent of any other like unit, U.C.C. § 1-201(17); § 8-107(1); e.g., a bushel of wheat or other grain; common shares of the same company.
A product which has no important characteristics that identify it as coming from a particular supplier.
Movable goods which may be estimated and replaced according to weight, measure, and number. Things belonging to a class, which do not have to be dealt with in specie.
Where a thing which is the subject of an obligation (which one man is bound to deliver to another) must be delivered in specie, the thing is not fungible; that very individual thing, and not another thing of the same or another class, in lieu of it, must be delivered. Where the subject of the obligation is a thing of a given class, the thing is said to be fungible; i.e., the delivery of any object which answers to the generic description will satisfy the terms of the obligation.
That's the definition of Fungibles in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.
