  Using our new photometric and spectroscopic observations as well as all
available published data, we present a new interpretation of the properties of
the peculiar emission-line binary UX Mon. We conclude that this binary is in a
rare phase of fast mass transfer between the binary components prior to the
mass ratio reversal. We firmly establish that the orbital period is secularly
decreasing at a rate of $\dot{P}=-0.260$ seconds per year. From several lines
of reasoning, we show that the mass ratio of the component losing mass to the
mass-gaining component $q$ must be larger than 1 and find our most probable
value to be $q=1.15\pm0.1$. The BINSYN suite of programs and the steepest
descent method were used to perform the final modeling. We modeled the star as
a W Ser star with a thick disk around its primary. Although the remaining
uncertainties in some of the basic physical elements describing the system in
our model are not negligible, the model is in fair agreement with available
observations. Only the nature of the light variations outside the primary
eclipse remains unexplained.
