Bankruptcy Glossary

Bankruptcy Law Terms -U-

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 #

• UCC

• Under-secured debt

• Unliquidated claim

• Unmatured claim

• Unscheduled debt

• Unsecured debt

Glossary of Bankruptcy Law Terms

Legal Glossaries Index Page

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

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.

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.

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

Unsecured debt: Those debts for which the extension of credit was based solely on an evaluation of the debtor's ability to pay, as opposed to secured debts.