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                                                                     EXHIBIT 4.3

                              CERTIFICATE OF TRUST

                                       OF

                        UAL CORPORATION CAPITAL TRUST I



   This Certificate of Trust of UAL Corporation Capital Trust I (the "Trust"),
dated October 15, 1996, is being duly executed and filed by the undersigned, as
trustees, to form a business trust under the Delaware Business Trust Act (12
Del.C. Sec. 3801 et seq.).

  1. Name. The name of the business trust formed hereby is UAL Corporation
     Capital Trust I.

  2. Delaware Trustee. The name and business address of the trustee of the
Trust with a principal place of business in the State of Delaware are First
Chicago Delaware Inc., a Delaware corporation, 300 King Street, Wilmington,
Delaware  19801.

  3. Effective Date. This Certificate of Trust shall be effective as of its
     filing.

  IN WITNESS WHEREOF, the undersigned, being the trustees of the Trust at the
time of filing this Certificate of Trust, have executed this Certificate of
Trust as of the date first above written.

                                                                         
                              The First National Bank of Chicago,              
                              as trustee                                       
                                                                               
                                                                               
                              By: /s/ Richard D. Manella                       
                                 ----------------------------------------------
                              Name:  Richard D. Manella                       
                              Title: Vice President                             
                                                                               
                                                                               
                              First Chicago Delaware Inc.,                     
                              as trustee                                       
                                                                               
                                                                               
                              By: /s/ Steven M. Wagner                         
                                 ----------------------------------------------
                              Name:  Steven M. Wagner                       
                              Title: Vice President