SECURITIES AND EXCHANGE COMMISSION
			    Washington, D.C. 20549


				Form 8-K


	   Current Report Pursuant to Section 13 or 15(d) of
		     The Securities Act of 1934


Date of Report (Date of Earliest Event Reported): September 11, 2006


                          UNITED MORTGAGE TRUST
               Exact Name of Registrant as Specified in its
                         Governing Instruments)


        (a Maryland trust)    Commission File Number 000-32409


                      (IRS Employer Identification)
                           (Number 75-6493585)


                        1702 N. Collins Blvd.
                             Suite 100
                        Richardson, Texas 75080

                (address of principal executive offices)

  Registrant's telephone number, including area code: (214) 237-9305



Item 8.01. Other Events

On August 29, 2006, the Board of Trustees of United Mortgage Trust (the
"Company") approved resolutions reinstating the Company's Share Redemption
Plan (the "Plan") to provide for the repurchase of shares of beneficial
interest owned by the Company's shareholders. The Plan, as so adopted,
provides that:

1) Shareholders must have held the shares for at least one year.

2) In any consecutive twelve (12) month period the number of shares
repurchased may not exceed the greater of a) 5% of the outstanding shares at
the beginning of the twelve month period or, b) the net proceeds of the
Company's Dividend Reinvestment Plan.

3)  The repurchase price will be based on the value of the Company's net
assets or fixed pricing schedule, as determined by the Trustees' business
judgment based on the Company's book value, operations to date and general
market and economic conditions and will not, in any event, exceed any current
public offering price.

4) Purchases will be made on a monthly basis when cash or credit line is
available.

5) Purchases will be on a "first come, first served" basis.

6) Shareholders may tender shares for repurchase at any time.

7) Shareholders may withdraw tendered shares at any time prior to repurchase.

8) The Company will purchase shares on a pro rata basis at the end of each
month in the event the amount of available proceeds is insufficient to satisfy
all current repurchase requests.

9) The Company will provide thirty (30) days' advance notice prior to
amending, suspending or terminating the Plan except where suspension is
required on the advice of counsel in order to comply with applicable
disclosure requirements.

10) The Plan may be cancelled if a secondary market for the shares develops or
if the shares are listed for on a national securities exchange or included for
quotation on a national market system.

11) The share purchased under the Plan will have the status of authorized but
unissued shares and may not be resold unless registered or exempt from
registration.

SIGNATURES

Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.


					    UNITED MORTGAGE TRUST
September 11, 2006                        /S/Christine A. Griffin
                                          Christine A. Griffin
                                          President