Legal Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #

-U-

UCC: Uniform Commercial Code. A statute adopted that covers sales, negotiable instruments, security interests and other commercial transactions.

Undercapitalization: The condition that exists when a company does not have enough cash to carry on its business and pay its creditors.

Under-secured debt: Debt secured on certain parts of the debtor's property by means of a security interest, lien or other security instrument, but for which the value of the property securing the debt is less than the amount of the debt.

Underwriting: The process in which lenders evaluate the risks posed by a particular borrower and set appropriate conditions for the loan.

Underwriting fee: A fee charged by the lender to verify information on the loan application, authenticate the property's worth as collateral, and make a final determination about whether to grant a loan to the applicant.

Unfair competition: Wrongful and/or fraudulent business methods used to gain an unfair advantage over competitors.

Unliquidated claim: A claim for which the amount and liability have not been precisely determined and which cannot be determined without an evidentiary hearing.

Unmatured claim: A claim for a debt that has come into existence but whose date of payment has not yet come due.

U.S. Department of Housing and Urban Development: Also known as HUD. A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs..

Upgrades: Options offered to buyers in a new-home project that go beyond the standard carpeting, lighting, finish carpentry, and other amenities.

Unscheduled debt: A debt that should have been listed by a debtor in the schedules filed with the court but was not.