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Fungibility ( latin fungibilis , "acceptable"; also: justifiability ) is the property of goods , by unit , the number or weight determined, and therefore within the same genus same by other pieces type, quantity and quality interchangeably to be.


Fungal tangible goods include movable objects such as goods ( commercial goods , commodities ), metals (base metals , precious metals ) or mass- produced objects such as vehicles or machines . Fungible intangible assets are mainly cash , foreign currency , varieties and securities . Futures contracts or options only become fungible through standardized financial contracts approved by an exchange . Although commodities are often not characterized by complete uniformity, they only get their fungibility through a typification in which the stock exchange defines certain quality characteristics . The interchangeability of these things makes them tradable and is therefore the most important prerequisite for trading on stock exchanges or commodity exchanges . Further requirements for fungibility are a high degree of standardization of the objects and low formal requirements for their transferability .

Objects are fungible if they have no value beyond the material value and are therefore equally replaceable, e.g. As pure commodities , but not works with artistic or historical importance with a collector's value or sentimental value .

Legal issues

Fungibility means legally justifiability. According to § 91 BGB , a thing is justifiable if it is movable and is determined in traffic by number, size or weight. Things are fungible if they are of the same quality and embody the same rights and obligations . The most important fungible good is money, the fungibility of which is one of the money functions . Because of their high level of standardization, trading in fungible items means that they do not even have to be present at the time of trading (stock exchange), but are known to the counterparties . The easier they are transferable ( e.g. bearer securities for securities), the better their fungibility. Money and bearer papers are therefore most justifiable, because according to Section 935 (2) BGB, property can even be acquired in good faith , even if they have been stolen , lost or otherwise lost from the owner . This applies, for example, to shares which, as bearer securities, are by law ( Section 10 (1 ) AktG ) standardized and therefore easily interchangeable, i.e. marketable , circulation- friendly investment securities .

In criminal law, one of the central criteria of attribution is the fungibility of the investigator in the case of the "perpetrator behind the perpetrator" within the framework of indirect perpetration by virtue of organizational rule.

Loan agreement in kind

The property loan agreement must be in accordance with § 607 para. 1 BGB left to the borrower solely fungibles. It only applies if the borrower has to return (other) items of the same type, quality and quantity. Loans in kind usually exist when the thing is to be consumed ( food ) or processed ( raw materials ). However, if someone specifically has to return the thing left, it is on loan or rent .

See also

Web links

Wiktionary: Fungibility  - explanations of meanings, word origins, synonyms, translations

Individual evidence

  1. Hartmut Bieg / Heinz Kußmaul, Financing , 2011, p. 259
  2. Article Fungibilitiy at , accessed on May 3, 2016.
  3. Manuel Kluckert, Acceptance of standardized service contracts , 2011, p. 60
  4. Hans Büschgen , Das kleine Börsenlexikon , article “Fungibility”, 2001, p. 611
  5. ^ Rudolf Rengier : Criminal Law General Part . 10th edition. 2018, chap. 43 , marginal no. 62 .