When a company does not have sufficient cash to carry on its business, usually used to describe starting businesses where the owners or incorporators do not place enough cash in deposit to run the business. … [Read more...] about UNDERCAPITALIZATION
UNDERINSURED
A person who does not have adequate insurance coverage to meet the needs of damages or loss that stem from an accident or who cannot meet a requirement of co-insurance. … [Read more...] about UNDERINSURED
UNDERINSURED MOTORIST COVERAGE
An automobile insurance policy which covers damages caused by an insured motorist who does not have sufficient funds to pay for damages. … [Read more...] about UNDERINSURED MOTORIST COVERAGE
UNDERSTOOD
The phrase "it is understood," when employed as a word of contract in a written agreement, has the same force as the words "it is agreed." Higginson v. Weld, 14 Gray (Mass.) 165. … [Read more...] about UNDERSTOOD
UNDER-LEASE
In conveyancing. A lease granted by one who is himself a lessee for years, for any fewer or less number of years than he himself holds. If a deed passes all the estate or time of the termor, it is an assignment; but, if it be for less portion of time than the whole term, it is an under-lease, and leaves a reversion in the termor. 4 Kent, Comm. 96. … [Read more...] about UNDER-LEASE