When two persons mutually transfer the ownership of one thing for the ownership of another , neither thing or both things being money only, the transact ion is called an “exchange”.
A transfer of property in completion of an exchange can be made only in manner provided for the transfer of such property by sale.
If any party to an exchange or any person claiming through or under such party is by reason of any defect in the title of the other party deprived of the thing or any part of the thing received by him in exchange, then, unless a contrary intention appears from the terms of the exchange, such other party is liable to him or any person claiming through or under him for loss caused thereby, or at the option of the person so deprived, for the return of the thing transferred, if still in the possession of such other party or his legal representative or a transferee from him without consideration.]
Save as otherwise provided in this Chapter, each party has the rights and is subject to the liabi lities of a sel ler as to that which he gives, and has the rights and is subject to the liabili ties of a buyer as to that which he takes.
On an exchange of money, each party thereby warr ants the genuineness of the money given by him.