Fungible
Fungible assets or securities are interchangeable with identical units of the same type, quality, and rights.
Fungible, hard-dollar, irrevocable, and redemption terms used to describe instrument rights and repayment mechanics.
Instrument Rights, Redemption, and Hard-Dollar Terms is the financial-instruments landing page for fungibility, hard-dollar payments, irrevocable commitments, junior securities, redeemable securities, irredeemable securities, and redemption mechanics. It keeps related terms in one branch so readers can move from a broad instrument question to the article that owns the contract evidence.
Use this page when instrument rights or redemption language changes transferability, payment priority, cancellation rights, or repayment mechanics. Use the parent Basic Financial Instruments page when you need the broader instrument map. For an individual decision, confirm the contract, term sheet, prospectus, confirmation, exchange specification, or disclosure record before relying on the term.
Use the table below to move from this landing page into the term page that best matches the instrument evidence.
| Term | Use it for |
|---|---|
| Fungible | Fungible defines repayment, priority, fungibility, cancellation, or hard-dollar rights attached to an instrument. |
| Hard Dollars | Hard Dollars defines repayment, priority, fungibility, cancellation, or hard-dollar rights attached to an instrument. |
| Irredeemable Security | Irredeemable Security clarifies ownership evidence, registration, security form, value label, or transferability. |
| Irrevocable | Irrevocable defines repayment, priority, fungibility, cancellation, or hard-dollar rights attached to an instrument. |
| Junior Security | Junior Security clarifies ownership evidence, registration, security form, value label, or transferability. |
| Redeemable Security | Redeemable Security clarifies ownership evidence, registration, security form, value label, or transferability. |
| Redemption | Redemption defines repayment, priority, fungibility, cancellation, or hard-dollar rights attached to an instrument. |
A redeemable security may let the issuer retire the claim under defined terms, which changes reinvestment and valuation risk.
Instrument Terms content is educational and does not provide personalized investment, tax, legal, accounting, valuation, derivatives, or securities advice.
Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.
Fungible assets or securities are interchangeable with identical units of the same type, quality, and rights.
Hard dollars are direct cash payments for research, brokerage, services, or expenses rather than soft-dollar arrangements.
An irredeemable security is a financial instrument that lacks a redemption date, providing perpetual interest payments without repayment of the principal.
Irrevocable means a financial instruction, commitment, trust, mandate, or payment cannot be canceled or withdrawn unilaterally.
A junior security has lower payment or liquidation priority than senior claims in an issuer's capital structure.
A redeemable security can be repurchased, retired, or paid off by the issuer or holder under specified terms.
Redemption is the repayment, repurchase, or cancellation of a security, fund share, bond, or similar financial claim.