"Motorcraft Transfer Case Fluid
Usage
For use in transfer cases driving front axles on all-wheel-drive (AWD) and 4x4 vehicles
Not for use in automatic transmissions, manual transmissions, power take off units (PTU), fluid couplers or AWD vehicles equipped with a transaxle
Features
Premium-quality fluid for Ford, Lincoln and Mercury transfer cases
Manufactured with high-viscosity index, premium-quality, hydroprocessed base oils and specially designed performance additives
Provides increased protection against deposit, rust, corrosion and wear
Maintains proper viscosity at extreme temperatures
Recommended by Ford Motor Company
Available in cases of 12 one-quart bottles"
Note that the section for Mercon V says:
"Not for use in transfer cases"