Spin exchange with a time delay in NMR (nuclear magnetic resonance) was treated in a previous work. In the present work the idea is applied to a case where all magnetization components are relevant. The resulting DDE (delay differential equations) are formally solved by the Laplace transform. Then the stability of the system is studied using the real and imaginary parts of the determinant in the characteristic equation. Using typical parameter values for the DDE system, stability is shown for all...