While the opinion is given for the good of the investors, there may also be benefits to the company. The assessment process may reveal historical deficiencies in important business formalities that are in the company`s interest to remedy. In addition, the fact that the company has provided legal advice in previous transactions can not only reassure current investors, but also facilitate the future financing process. Indeed, if a company is invited to obtain legal advice in a subsequent financing round, the relief work that the lawyer must carry out should generally only cover the period that has elapsed since the last legal opinion was prepared by the same law firm. Members of Michalsons` privacy program can learn more about privacy opinions. In commercial transactions, particularly in the context of financing, the lender requires expert advice on the viability of the borrower and the enforceability of the transaction documents that the borrower must conclude. This type of assessment is generally provided by the borrower`s lawyer or the lender`s advisor, according to the ethical rule that applies to the delivery of these expertises applicable to the jurisdiction. If the company in question is from a foreign country, the opinion is often referred to as a foreign legal opinion. A legal opinion is a written statement by a bailiff, legal expert or court about the illegibility or legibility of a condition, administrator or deed.
In business, an opinion letter represents the opinion-giver`s professional understanding of a particular aspect of a particular transaction or transaction based on legal principles. Our clients to whom we have provided expert advice include a large number of organizations. Legal Opinions on Incorporation, Repute and Qualification to Do Business Scott FitzGibbon and Donald W. Glazer, 41(2):461–81 (February 1986) This article provides a comprehensive analysis of opinion on the status of an entity as a corporation. It recommends default interpretations for each standard sentence. Legal Opinions in California Real Estate Transactions Joint Committee of the Real Property Law Section of the State Bar of California and the Real Property Section of the Los Angeles County Bar Association, 42(4): 1139–1205 (August. 1987) This report examines the legal issues and due diligence that often arise in the preparation of legal opinions in real estate transactions. While the report focuses on credit transactions secured by California real estate, other transactions and issues are also discussed, and a significant portion of the analysis and conclusions should apply to real estate transactions in general. Second Addendum to Legal Opinions to Third Parties: An Easier Path TriBar Opinion Committee, 44(2): 563–74 (Feb. 1989) This report provides guidance to those submitting third-party observations on the following questions: (i) Do the standard principles of fairness include the concepts of „good faith and fair trade“? (ii) When does the existence of an arbitration clause affect the possibility of submitting an opinion on appeals? (iii) Is a standard insolvency exemption intended to cover fraudulent transfer issues? (iv) When should expert opinions contain language on „practical limitations“ indicating the law of the jurisdiction over which the lawyer has jurisdiction? Legal Opinions in Corporate Transactions: Opinions Relating to Security Interests in Personal Property Scott FitzGibbon and Donald W. Glazer, 44(3): 655–92 (May 1989) This article recommends an approach to preparing a legal opinion on a security right in personal property. It also provides a standard interpretation of secured transactions notices and discusses the work needed to support them.
Report Concerning Legal Opinions in Personal Property Secured Transactions Uniform Commercial Code Committee of the Business Law Section of the State Bar of California, 44(3): 791–835 (May 1989) This report supplements and should be read in conjunction with the 1982 Business Law Report of the Business Law Section of the California State Bar. This report discusses the form and significance of expert advice sought by counsel with respect to consensual security interests in personal property under California Sections 8 and 9. It examines in detail opinions on the enforceability of a security device as well as opinions on the attachment, perfection and priority of the security right over the security right. Special Joint Committee on Lawyers` Opinions in Commercial Transactions Special Joint Committee of the Maryland State Bar Association, Inc., and the Baltimore City Bar Association, 45(2): 705–818 (February 1990) This report analyzes the various parts of legal opinions typically issued in commercial and real estate transactions and includes a discussion of the due diligence that must be exercised. before each of the notices can be issued. It includes sections on the purpose of opinion letters, ethical considerations in preparing them, general procedures to be followed and the responsibility that may arise from them. The report includes an illustrative notice for commercial loans, an explanatory notice for home loans, and borrower certificate forms in support of this notice. 1989 Report of the Business Law Section of the California State Bar Business Law Section on Corporations Regarding Legal Opinions in Commercial Transactions Companies Committee of the Business Law Section of the California State Bar, 45(4): 2169–2243 (August 1990) This report is a commentary on the use of written opinions in commercial transactions.
The report is based on California law and jurisprudence, as well as the views of the California Attorneys Committee at the time of publication. Third-Party Legal Opinion Report, including Business Law Section Legal Opinion Agreement, American Bar Association Committee on Legal Opinions, 46(S1) (Dec. 1990) This report will be circulated in draft form to give interested persons an opportunity to review and comment on the results of current work. (Editor`s note: The final version of the report is under 47 BUS. LAW. 167 (1991) available). TriBar Advisory Panel Special Report: Bankruptcy Opinions: Credit Rating Agency, Structured Finance and Chapter 11 Transactions TriBar Opinion Committee, 46(2): 717–49 (February 1991) In the 1970s, certain financial and business transactions gave rise to requests for legal advice from third parties on insolvency matters. This special report reviews these opinions, sets out the findings of the TriBar Advisory Committee with respect to the scope and limitations of this opinion, and contains examples of opinions and a methodology for incorporating this special report by reference into insolvency opinions.
This is the fourth report of the TriBar Advisory Committee on Legal Opinions. TriBar Advisory Committee Special Report: The Notice on Remedies TriBar Opinion Committee, 46(3): 959–69 (May 1991) The TriBar Opinion Committee (whose members are drawn primarily from three New York bars) occasionally collects opinions on legal opinions from third parties. This special report focuses on the „Notice of Appeal“ segment of third-party opinions. Following the monitoring of developments to date with regard to the meaning, scope and interpretation of the Notice of Appeal and its standard exceptions, new positions on other specific qualifications, in particular the qualification „practical implementation“, are defined and new perspectives are offered on which laws should or should not be implicitly addressed in the Notice of Remedies. Report on Standards for Opinions of Florida Counsel of the Special Committee on Opinion Standards of the Florida Bar Business Law Section Special Committee on Opinion Standards, 46(4): 1407–48 (August 1991) This report is an important contribution to the ongoing national debate on standards of legal advice. The report is aimed at practitioners at all levels and outlines the standard opinions that must be given (and accepted) by Florida attorneys in most business transactions. The report imposes standards of due diligence in issuing the notices to which it relates. The standards adopted in the report reflect the results of a cost-benefit analysis between the needs of the addressees of the opinions and the costs of formulating certain opinions in different circumstances.
The report also creates a unified understanding among Florida attorneys about the meaning of the terms used in statements. Through a „normative“ approach, the report seeks to reduce the friction that can arise when negotiating opinions. Similar to the ABA agreement promulgated by the Economic Law Section, the report adopts the concept of incorporating the report by reference into the opinions issued pursuant to this report in order to simplify the opinions issued pursuant to the report. Third-Party Legal Opinion Report, including the Legal Opinion Accord, of the Section of Business Law, American Bar Association Committee on Legal Opinions, 47(1): 167–234 (Nov. 1991) The Legal Advisory Committee has completed its report on third-party legal opinions. The committee`s objective was to produce a report that will significantly assist lawyers in simplifying the practice of third-party opinions and making it more efficient and productive. The report consists of three parts: a legal advice agreement; an „explanatory memorandum“; and „Certain Guidelines for the Hearing of Opinions and the Preparation of the Letter of Opinion“. Agreement is at the heart of the report. The agreement consists of twenty-two „black letter“ rules accompanied by comments. The Agreement is an easily accessible tool that, when used, creates agreed procedures for the preparation of a third party opinion and agreed meanings for words and phrases used in the drafting of opinions by third parties.