substitution

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n.

1. 1. The act or an instance of substituting.
   2. The state of being substituted.
2. One that is substituted; a replacement.

substitutional sub'sti·tu'tion·al or sub'sti·tu'tion·ar'y adj.
substitutionally sub'sti·tu'tion·al·ly adv.

Banking: replacement of Collateral by other collateral.

Contracts: replacement of one party to a contract by another. See also Novation.

Economics: concept that, if one product or service can be replaced by another, their prices should be similar.

Law: replacement of one attorney by another in the exercise of stock powers relating to the purchase and sale of securities. See also Stock Power.

Securities:

1. -exchange or Swap of one security for another in a client's Portfolio. Securities analysts often advise substituting a stock they currently favor for a stock in the same industry that they believe has less favorable prospects.

2. -substitution of another security of equal value for a security acting as Collateral for a Margin Account. See also Same-Day-Substitution.

In appraisal, the principle that market value is indicated by the value of another property with similar utility. A typical buyer is assumed to be indifferent to substituting one property for the other.
Example: By the principle of substitution, the market value of a property can be estimated by analyzing sales prices of comparable properties.

noun

The act of exchanging or substituting: change, commutation, exchange, interchange, shift, switch, trade, transposition. Informal swap. See change/persist, substitute.

n

A standard or nonstandard speech sound used for another consonant speech sound (for example, w for l[ wady for lady]).

n.the action of replacing someone or something with another person or thing: a tactical substitution.

substitutional adj. substitutionary adj.

See the Introduction, Abbreviations and Pronunciation for further details.

substitution, a term used in traditional prosody to denote the use of one kind of foot in place of the foot normally required by the metrical pattern of a verse line. In English verse, the kind of substitution most commonly referred to by prosodists is the replacement of the first iamb in an iambic line by a trochee; this ‘initial trochaic inversion’, as it is called, appears in Tennyson's line:

Far on the ringing plains of windy Troy.

The substitution of an anapaest for an iamb, or of a dactyl for a trochee, is called trisyllabic substitution, since it increases the number of syllables from two to three. The feet known as the spondee (••) and the pyrrhic (∘∘) are sometimes invoked as substitute feet where stressed or unstressed syllables occur in pairs. Thus Keats's line

O for a beaker full of the warm South

shows, in addition to its initial trochaic inversion, a metrical variation at the end, which would be described in traditional prosody as the substitution of a pyrrhic and a spondee for the final two iambs. Some more modern theories of versification, however, have rejected the concept of the foot and along with it that of substitution, accounting for such metrical variations in terms of demotion, promotion, and the ‘pairing’ of stressed and unstressed syllables. In this view, the ending of Keats's line illustrates a permissible variation in English iambic verse, whereby the occurrence of two stressed syllables together can be compensated (in certain positions) by the pairing of two unstressed syllables. In Greek and Latin quantitative verse, some kinds of substitution are governed by the principle of ‘equivalence’ whereby one long syllable is equal to two short syllables, so that under certain conditions a spondee, for example, can stand in for a dactyl.

A material or process offered in lieu of, and as being equivalent to, a specified material or process.

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Putting in place of another thing, serving in lieu of another. 264 N.Y.S. 336. In respect to wills, the putting of one person in the place of another so that he or she may, on failure of the original devisee or legatee or after such person, have the benefit of the legacy; particularly, the act of the testator in naming a second legatee who is to take the legacy on failure of the original legatee or after such person. 145 N.E. 2d 566, 567.

The act of putting one thing in the place of another, especially the chemical replacement of one atom or substituent group by another.

• conservative s. — in protein chemistry, one amino acid is substituted by another which has a similar polarity.
• meat s. — a common fraud in the meat industry in which uninspected meat is substituted for meat that has undergone inspection and been branded as satisfactory. The other not infrequent fraud is the substitution of meat of another species, e.g. horse for beef, cat for chicken or rabbit.
• non-conservative s. — in protein chemistry, one amino acid is substituted by another which has a markedly different polarity.

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