Uncollected funds
Refers to items deposited in an account that have not yet been collected, or paid, by the bank on which they were drawn
Unsecured Debt
This is debt that is not guaranteed by collateral; therefore, no assets are committed in the event of default. If the issuer is unable to collect on the loan, its value is lost. Most credit cards are unsecured.
(As the Card member’s promise is the only guarantee, credit card issuers require more information regarding income and credit history than with a secured loan.)
A loan where no collateral or security is given or charged to the lender. Unsecured lending is viewed as higher risk than secured lending and interest rates are generally higher to reflect this.
Uniform Commercial Code (UCC)
A set of statutes enacted by the various States to provide consistency among the States' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading.
Uniform Gift to Minors Account
A UGMA provides a child under the age of 18 (a minor) with a way to own investments. The money is in the minor's name, but the custodian (usually the parent) has the responsibility to handle the money in a prudent manner for the minor's benefit. The parent cannot withdraw the money to use for his or her own needs.
Usury
Charging an illegally high interest rate on a loan.
Usury Rates
The maximum rate of interest lenders may charge borrowers. The usury rate is generally set by State law.
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