The Professional
Bankruptcy Dictionary


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U

UCC

The Uniform Commercial Code. A statute adopted in all states except Louisanan covering sales, negotiable instruments, security interests and other commercial transactions.

UCC-1

A special document providing for certain personal property to be listed as collateral for a loan or debt.

UFCA/UFTA

The Uniform Fraudulent Conveyance Act and the Uniform Fraudulent Transfer Act.

undersecured debt

debt secured on certain of the debtor's property by means of a security interest, lien or other security instrument, but for which the value of the property (i.e., collateral) securing the debt is less than the amount of the debt

Common usage

unimpaired

A class of claims or interests that are deemed not impaired in the context of a Chapter 11 case.

United States

when used in a geographical sense, includes all locations where the judicial jurisdiction of the United States extends, including territories and possessions of the United States;

Sec. 101. Definitions

United States trustee

United States trustees and bankruptcy administrators are responsible for establishing a panel of private trustees to serve as trustees in chapter 7 cases and for supervising the administration of cases and trustees in cases under chapters 7, 11, 12, and 13 of the Bankruptcy Code.

Public Information Series of the Bankruptcy Judges Division

United States trustee

includes a designee of the United States trustee.

Sec. 102. Rules of construction

United States trustee

includes an assistant United States trustee and any designee of the United States trustee.

Rule 9001. General Definitions

unliquidated claim

a claim for which the amount and liability have not been precisely determined and which cannot be determined without an evidentiary hearing (or which cannot be determined by application of simple arithmetical calculations)

Lundin, Hon. Keith M., Chapter 13 Bankruptcy (Bankruptcy Press)

unmatured claim

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

unscheduled debt

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

List of Terms; Administrative Office of the United States Courts

unsecured debt

those for which the extension of credit was based purely upon an evaluation by the creditor of the debtor's ability to pay, as opposed to secured debts, for which the extention of credit was based upon the creditor's right to seize pledged property on default, in addition to the debtor's ability to pay.

Public Information Series of the Bankruptcy Judges Division

United States Trustee

A federal official, appointed by the U.S. Attorney General, who is responsible for the appointment of trustees to supervise bankruptcy cases, and generally monitor the proceedings for adherence to the norms and rules of bankruptcy procedure.