Unload

To sell, dispose of, get rid of. A finer meaning is to dispose of certain securities in season to prevent disaster; i.e. to sell an undesirable stock before it declines, in which event, it is sometimes said that the person who " unloaded " succeeded in "getting ashore" This is a bit of slang which suggests a person getting ashore from a sinking boat in season to prevent drowning.

Unsecured Creditor

One who has no legal claim upon certain specified property for the satisfaction of his debt; one who must accept the same basis of settlement as all others, having no security, in the adjustment of the debts of an insolvent or bankrupt.

Unsteady Market

Many variations in prices.

Upset Price

A fixed price less than which a security, property, or whatever it may be, will not be sold. For example: During the Cleveland administration, at the time when there was an issue of Government bonds offered for sale, a price was set less than which no bid would be received; it was permissible to bid as much above the fixed price as the bidder saw fit, but it would avail him nothing to bid at a less price than the "upset price," so-called.

Ur

The " ticker " abbreviation for " under the rule."

Usance

This is really "grace," as applied to "bills of exchange; " the time allowed in which bills of exchange may be paid. This varies, by custom, in different parts of the world.

Use And Occupancy Insurance

This insurance guarantees to the assured the use of the manufacturing buildings and machinery of the insured plant in so far as such use may be interfered with by damage by fire or sprinkler leakage for which the insurance companies are liable under the fire policy. This is a "valued policy" (see that subject) and agrees to pay to the assured a stipulated amount of money for the entire or partial interruption in the use of the buildings or machinery, or both, as measured by the product. This insurance extends over one year of 300 working days, to be applied pro rata, both as to duration and proportion of interruption.

Usury

See "Legal Rate of Interest," and also second paragraph under "Demand Loan."

Utah

Utah Consolidated Mining Co. (Gold, silver, and copper.)

Valuation

See " Assessed Valuation."

Valued Policy

A form of fire insurance policy under which the insured can recover the full face of his policy in case of total loss, regardless of the value of the property insured. This makes it incumbent upon the company not to insure to a greater value than the property covered, for whatever the amount of insurance is accepted under the " valued policy " cannot be afterwards disputed on the basis of the property having been over-insured. In New Hampshire, this form of policy is obligatory; in other States it is illegal, the reason for which is to guard against any collusion between the agent and the insured, it being desired to prevent the insured obtaining a greater insurance than the value of his property, thus encouraging incendiarism. (See "Use and Occupancy Insurance.")