Also known as: exchanges · exchanged · exchanging · like-kind exchange · 1031 exchange
Written by attorneys · grounded in primary & secondary sources — see below
An act of transferring interests in property or rights, each given in consideration for the other. The transfer must involve reciprocal value so that each party receives something of legal significance in return.
Elena Estrada and Ewan Eckhart signed a contract to swap two parcels of land they both believed contained valuable mineral rights. After the agreement but before closing, both learned the parcels held no minerals. Elena seeks to avoid the contract because the shared error changed the value each was to receive.
Emma Erickson used proceeds from the sale of her premarital cabin to buy a new vehicle titled solely in her name during the marriage. Under the uniform act, the vehicle counts as her individual property because it was acquired directly in exchange for other individual assets.
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Elite Dynamics converted a shipment of wheat belonging to Evergreen Bank. Because wheat trades on an organized exchange with fluctuating prices, the court measures damages by the highest replacement cost within the reasonable period Evergreen Bank could have repurchased the grain.
The SEC first obtained a judgment against Echelon Security for securities violations. A private investor then sued Echelon for damages arising from the same conduct and sought to preclude relitigation of the violation finding. The court permitted the offensive use because it was fair to Echelon under all the circumstances.
The trustee of a family trust held appreciated stock and raw land. To diversify, the trustee exchanged a portion of the stock for income-producing real estate under the statutory power to change the character of trust property.
Eugene Ellsworth and Esme Ellington lived together for several years, used the same last name, maintained a joint bank account, and repeatedly told neighbors they were married. Their exchange of consents plus cohabitation and public holding out satisfied the requirements for a valid common law marriage.
A contract is voidable by the adversely affected party when both parties shared a mistake at formation about a basic assumption that materially affects the agreed exchange of performances, unless the adversely affected party bears the risk of the mistake.
Property acquired during marriage in exchange for or with the proceeds of other individual property of the spouse is classified as individual property rather than marital property.
When commodities of fluctuating value are customarily traded on an exchange, damages equal the highest replacement value within a reasonable period during which the owner might have replaced the commodity.
A valid common law marriage requires an exchange of consents between two people, cohabitation, and public holding out as spouses through conduct such as using a common last name or joint accounts.
…-- Case information - Citation: 41 U.S. 1 (1842) - Judges: concurring: John Catron. Syllabus 1. Bills of exchange — Bona fide holder — State decisions. Action in the circuit court of New York on a bill of exchange, accepted in New York, instituted by the holder, a citizen of Maine. The acceptance and…