What is the term for the transfer of possession of personal property in return for the identical property?

The term that describes the transfer of possession of personal property in return for identical property is bailment. Bailment involves a situation where one party temporarily hands over possession of their personal property to another party, who is then obligated to return the property or replace it with an identical item once the purpose of the bailment has been fulfilled. The original owner maintains ownership of the property during this arrangement.

In contrast, a lease involves renting property for a specified period, which does not necessarily involve returning the identical item. A loan typically refers to borrowing an item with the intention of returning the same or equivalent item, but it does not specifically imply the possession transfer in exchange for identical property. An exchange involves two parties trading items of varying value, rather than the transfer of possession with the intent of returning the exact item. Therefore, bailment is the most accurate term for the scenario described in the question.