Exchange, DEED OF

Exchange, DEED OF, in English law, a common law assurance, whereby persons severally seised of lands mutually grant them in exchange, each his own land for that of the other. The two subjects must be of the same nature, as lands for lands, chattels for chattels, but not real for personal estate. The parties must take an equal estate—thus, an estate in fee cannot be exchanged for an estate tail; and the word 'exchange' must be used. There must also be entry, and if either party die before entry his heir may avoid the transaction. Exchange must now be made by deed, but this form of conveyance is seldom used, the same purpose being effected by two separate deeds of grant. A mutual warranty and right of entry was formerly implied in an exchange. This effect of the deed has been taken away by an Act of 1848. By the Common Enclosure Act of the same year the commissioners are empowered to make exchanges for the better carrying out of the purposes of the act. A deed of exchange closely resembles in its particulars an Excambion (q.v.) in Scotland. The law as to exchange in most of the American states is founded on and similar to that of England.