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Simple English definitions for legal terms
in specie
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A quick definition of in specie:
Term: IN SPECIE
Definition: In specie means "in kind" or "in the same form." It is used to describe the return of borrowed items or assets in their original form rather than in cash or another form of payment. For example, if someone borrows a specific piece of jewelry, they may be required to return it in specie rather than providing the cash value of the item.
A more thorough explanation:
IN SPECIE
in specie (in spee-shee-ee or spee-shee). This term comes from Latin and means "in kind". It refers to something that is given or received in the same or similar form.
- The partners were prepared to return the borrowed items in specie.
- The company paid the debt in specie by giving the creditor shares of stock instead of cash.
These examples illustrate how something is given or received in specie, meaning that it is given or received in the same or similar form. In the first example, the partners are returning borrowed items in the same form they were borrowed. In the second example, the company is paying a debt by giving shares of stock, which is a similar form of payment to cash.