In specie, meaning “in the actual form.” Often used in the context of a distribution of assets, or a loan repayment. Thus, a company / corporation might distribute securities it owns to its shareholders / stockholders, without first converting the securities to cash. Thus the distribution is "in the actual form" that the asset takes, rather than first being converted to another form. Similarly, assets other than cash might be loaned, and the borrower required to repay the loan by returning the self-same assets (or similar generic assets). In the case of a loan, the term may also be used where the assets to be delivered are specified, even though the assets lent are quite different. In this case, the term simply refers to the repayment assets being "in the actual form" as that specified in the contract, rather than "in the actual form" as the assets originally loaned.