TreatiseTreatise

Legal Opinions in Business Transactions (3rd Edition)

 by Arthur Norman Field, Jeffrey Smith, Arthur N Field, Jeffrey M Smith
 
 Copyright: 2014

 Product Details >> 

Product Details

  • ISBN Number: 9781402422010
  • Page Count: 1518
  • Number of Volumes: 3
  •  
  • The purchase of PLI titles may include Basic Upkeep Service, whereby
    supplements, replacement pages and new editions may be shipped
    to you immediately upon publication for a 30-day examination. This
    service is cancelable at any time.

“Finally, an easy-to-read treatise on the basic tenets of legal opinions in business transactions.”
— Joseph Halliday, Skadden, Arps, Slate, Meagher & Flom

Featuring model sample opinions, PLI’s Legal Opinions in Business Transactions provides the knowledge, tools, and experienced counsel that enable you to craft rock-solid third-party opinion letters more easily and economically.

Legal Opinions in Business Transactions, now in a convenient softcover format, helps you to craft rock-solid opinions by clearly explaining the rights, obligations, and expectations of opinion givers, preparers, and recipients • the purpose, initiation, structure, terms, review, timing, delivery, and updating of third-party opinion letters, including how the law, facts, documents, exceptions, and assumptions are integrated • the function and components of interrelated and supporting opinions • and the respective liability exposure of opinion givers, preparers and recipients for opinion letter missteps. It includes refresher chapters which provide a succinct overview of the principles, players and procedures involved in creating opinion letters.

Included is a new chapter for inexperienced attorneys, which provides a succinct overview of the principles, players, and procedures involved in creating opinion letters.

Updated as needed, Legal Opinions in Business Transactions is an important working tool for every attorney who works with legal opinions.

  Foreword to the Third Edition
  Introduction
  A Note on Special Uses for This Third Edition
  Table of Contents
Chapter 1-1: Third-Party Closing Opinions; Basic Concepts, Duties and Roles
  • § 1:1 : “Opinions” and “Opinion Letters”; “Opinion Givers”—”Opinion Recipients”; “Opinion Preparers”; “Opinion Request”—”Opinion Requirement”2
    • § 1:1.1 : Required Expertise2
    • § 1:1.2 : Scope3
    • § 1:1.3 : Overview of Significant Terminology4
    • § 1:1.4 : Third-Party Closing Opinion Preparer Concept6
  • § 1:2 : Third-Party Closing Opinion Rationale: One Aspect of Business Due Diligence7
  • § 1:3 : Closing Opinion Needs Are Primarily a Business Question9
  • § 1:4 : Third-Party Closing Opinion; the Closing Opinion Letter As a Condition of Closing: “Agreement” Versus “Undertaking”11
  • § 1:5 : Client Is in Full Control of Closing Opinion Delivery to Third Party but Does Not Control Content of Closing Opinion13
  • § 1:6 : Third-Party Closing Opinion Acceptability14
    • § 1:6.1 : The Two Faces of Closing Opinion Acceptability14
    • § 1:6.2 : Acceptability of the Opinion Giver15
    • § 1:6.3 : Acceptability of Opinion Letter Content: Opinion Limitations16
  • § 1:7 : Duty to a Third Party—The Recipient’s Right to Rely on Third-Party Closing Opinions; Does Reliance Require That a Third-Party Closing Opinion Be Given at the Client’s Request?18
  • § 1:8 : The Empty Closing Opinion Problem21
  • § 1:9 : Avoiding Over-Exceptioning22
  • § 1:10 : Additional Third-Party Closing Opinions: Local Attorney; Specialized Attorney; Inside Attorney; “Additional Opinion Attorney”23
  • § 1:11 : Corporate Law Departments—Inside Attorney24
Chapter 1-2: Vocabulary and Usage in Third-Party Closing Opinion Practice
  • § 2:1 : “It Is Our Opinion”: Stating and Limiting Opinions30
    • § 2:1.1 : Exceptions and Assumptions: “Exceptions” Include Opinion Limitations and Qualifications; Exception Form31
    • § 2:1.2 : When Is the Opinion “Unclear”?32
  • § 2:2 : Customary Practice Overview33
    • § 2:2.1 : The Significance of Vocabulary and Usage in Customary Practice33
    • § 2:2.2 : Customary Practice and the Extent of the Duty to Understand It; Customary Usage and Customary Diligence34
  • § 2:3 : The (Un)Qualified Closing Opinion; the “Clean” Closing Opinion Ideal37
  • § 2:4 : Reasoned (or Explained) Opinions/Qualified and Unqualified38
  • § 2:5 : Standard Exceptions39
  • § 2:6 : “Stated” or “Specific” Exceptions40
  • § 2:7 : No “Updating” of Third-Party Closing Opinions40
  • § 2:8 : The “Opinion Pyramid” and the Separate Significance of Each Opinion41
  • § 2:9 : Parallel Options—The Traditional Starting Point for Closing Opinions Has Eroded42
  • § 2:10 : The “Umbrella” Opinion Versus the Unbundled Opinion43
  • § 2:11 : Spread of the Bankruptcy Exception and Equitable Principles Limitation Beyond the Remedies Opinion45
  • § 2:12 : Distinguishing Between “Future” Opinions and Performance Opinions46
    • § 2:12.1 : Need for Performance Opinion46
    • § 2:12.2 : Limits of Performance Opinions47
    • § 2:12.3 : The Many Faces of Future Opinions47
  • § 2:13 : The Use of Assumptions of Law48
  • § 2:14 : To My Knowledge/I Have No Knowledge49
    • § 2:14.1 : “To My Knowledge” As a Concept Related to Facts49
    • § 2:14.2 : “To My Knowledge” Fails As a Limitation49
    • § 2:14.3 : Negative Assurance50
  • § 2:15 : “Public Policy” Is Not Acceptable As an Exception51
Chapter 1-3: Underlying Assumptions Shape Third-Party Closing Opinion Practice
  • § 3:1 : Assumptions That Shape Third-Party Closing Opinion Practice54
  • § 3:2 : Customary Practice Is the Principal Basis for Third-Party Closing Opinion Giving and Provides a Method for Determining Whether There Is Liability to Third Parties55
  • § 3:3 : A Conservative Approach Is Required When Opinions Are Given to a Nonclient on Behalf of a Client59
    • § 3:3.1 : Restrictions Applicable to Opinions to Nonclients59
    • § 3:3.2 : Minimization of Opinions by Implication: The Limits of Opinion Giver Legal Knowledge61
    • § 3:3.3 : Avoiding Novel Opinion Forms63
    • § 3:3.4 : The Represented Closing Opinion Recipient63
    • § 3:3.5 : The Golden Rule64
    • § 3:3.6 : Current Oblique Customary Practice Statement: New Statement Suggested64
    • § 3:3.7 : Limitation on Further Use of a Closing Opinion Letter65
  • § 3:4 : The Preference for No-Exception Closing Opinions67
  • § 3:5 : Flexibility and the “Four Corners” Approach: Standard, Customary Diligence68
  • § 3:6 : Closing Opinion Date and Practicality Limitations69
  • § 3:7 : Centrality of the “Law-Covered” Limitation70
  • § 3:8 : Fair Play in Closing Opinion Giving; the Misleading Closing Opinion72
  • § 3:9 : The Closing Opinion Recipient Has No Diligence Duty73
  • § 3:10 : Some Areas Excluded from Closing Opinion Coverage by Customary Practice74
  • § 3:11 : Closing Opinions Are Professional Judgments, Not Guarantees76
  • § 3:12 : The ABA Accord Alternative to Customary Practice76
Chapter 1-4: The Thought Process of the Third-Party Closing Opinion Preparer—Emulating the Hypothetical Contemporaneous Court
  • § 4:1 : From Advocate to Objective Observer; Changing the Mindset of the Opinion Preparer80
  • § 4:2 : The Limited Predictive Quality of Third-Party Closing Opinions82
  • § 4:3 : The Time Frame for the Third-Party Closing Opinion84
  • § 4:4 : Applying the Facts as Well as the Law to the Appropriate Time Frame84
  • § 4:5 : “Future Opinions” and “Future Facts”85
    • § 4:5.1 : As to the Remedies Opinion and Other “Future Opinions,” “Future Facts” Must Be Used to Test Defenses85
    • § 4:5.2 : Common Sense Rules on Positing “Future Facts”87
  • § 4:6 : Choice of Law to Be Applied89
  • § 4:7 : Knowledge of the Third-Party Closing Opinion Preparer Must Be Utilized89
  • § 4:8 : The Incorrect Disclosed Assumption91
Chapter 1-5: Establishing Facts and the Use of Factual Assumptions
  • § 5:1 : Central Role of Facts in Third-Party Closing Opinions94
  • § 5:2 : Truth, Facts, and the Limits of Commercially Reasonable Agreement-Based Fact Finding95
  • § 5:3 : Customary Diligence As to Facts96
  • § 5:4 : Supporting the Validity of the Commercially Reasonable Factual Search97
  • § 5:5 : The Patchwork Quilt of Facts and Assumptions99
  • § 5:6 : The Quality of the Patchwork—A Preference for Corporate Officers’ Certificates As to Client Information101
  • § 5:7 : The Acceptance of Client and Client-Related Representations102
  • § 5:8 : The Concept of “Establishing Facts”103
  • § 5:9 : The Formality of “Establishing Facts”104
  • § 5:10 : The “Appropriate Source” Requirement for Establishing Facts and the Automatic Deference to Filing Officers As the Appropriate Source105
  • § 5:11 : Unreliable Information and the “Irregular on Its Face” Limitation on Establishing Facts107
  • § 5:12 : The “Ultimate Fact” Limitation on Establishing Facts; Fact Certifications Tantamount to the Closing Opinion to Be Given Are Not Acceptable108
  • § 5:13 : Permitted Reliance on Ultimate Facts from Certain Public Agencies109
  • § 5:14 : Drafting—Reviewing Factual Certificates110
  • § 5:15 : Facts and the Third-Party Closing Opinion Giver’s Knowledge—A High-Risk Area111
  • § 5:16 : The Use of Assumptions As Fact Substitutes113
  • § 5:17 : Assumptions of Fact—Unstated and the Presumption of Regularity114
  • § 5:18 : Assumptions of Fact—Stated116
  • § 5:19 : Facts Available in the Third-Party Closing Opinion Giver’s Office116
Chapter 1-6: The Remedies Opinion
  • § 6:1 : Negotiation of Agreements and the Practical Value of the Remedies Opinion123
  • § 6:2 : Remedies Opinion and Enforceability Opinion Are Synonymous; the Opinion Is to Be Read As a Unit125
  • § 6:3 : Remedies Opinion Covers Agreement Formation and Effectiveness of Undertakings125
  • § 6:4 : The Structure of Agreements: “Undertakings” Versus “Agreements”125
  • § 6:5 : Scope of the Term “Undertaking” or “Promise”126
  • § 6:6 : Remedies Opinion Covers Undertakings by the Client—Not the Opinion Recipient’s Undertakings126
  • § 6:7 : Meaning and Scope of the Remedies Opinion127
  • § 6:8 : Relating Scope to Timing128
  • § 6:9 : Legal Remedy Versus Practical Relief129
  • § 6:10 : Lack of Need to Define “Remedy”130
  • § 6:11 : The “Practical Realization” Limitation130
  • § 6:12 : An Inappropriate Form of Practical Realization Opinion132
  • § 6:13 : Acceptable Forms of the Remedies Opinion133
  • § 6:14 : Evolution of Remedies Opinion Custom133
  • § 6:15 : Remedies Opinion Exceptions; Agreement Exceptions and Specific Exceptions134
  • § 6:16 : Agreement Exceptions (Including Unstated Limitations) to Remedies Opinions135
    • § 6:16.1 : The Unavoidability of Agreement Exceptions Including Unstated Limitations135
    • § 6:16.2 : The So-Called “Bankruptcy Exception”136
    • § 6:16.3 : Equitable Principles (Including Reasonableness and Fair Dealing) Limitation139
      • [A] : Traditional Concepts of Equity141
      • [B] : Materiality141
      • [C] : Reasonableness, Good Faith, and Fair Dealing141
    • § 6:16.4 : Comity and the Allied Bank Case142
    • § 6:16.5 : Presidential Powers Under TWEA and IEEPA143
    • § 6:16.6 : Inherent Limitations on Chosen Law144
  • § 6:17 : Specific Exceptions to Remedies Opinions146
  • § 6:18 : Formation of an Agreement147
  • § 6:19 : Violation of Foreign Law As an Opinion Exception147
  • § 6:20 : The Remedies Opinion and Arbitration148
  • § 6:21 : Submission to Jurisdiction Provisions149
  • § 6:22 : Economic Remedies—Liquidated Damages, Late Fees, Default Interest Rates—Reasonableness Test150
  • § 6:23 : Waiver of Right to Jury Trial; Charging Interest on Interest151
  • § 6:24 : Chosen Law151
Chapter 1-7: Agreements, Third-Party Closing Opinions and Multi-Jurisdictional Transactions
  • § 7:1 : Agreements and Third-Party Closing Opinions154
  • § 7:2 : The Three Categories of Rights Addressed by Remedies Opinions155
  • § 7:3 : Chosen Versus Covered Law156
  • § 7:4 : Mandatory Choice of Law Rules Apply to Limit the Application of Chosen Law156
  • § 7:5 : The “One-State” Attorney and Multi-Jurisdictional Transactions157
    • § 7:5.1 : Analyzing the Attorneys Needed in a Multi-Jurisdictional Transaction157
    • § 7:5.2 : Opinions by the Non-Admitted Attorney159
    • § 7:5.3 : The Non-Admitted Attorneys’ Practice of Giving Delaware General Corporation Law Opinions160
    • § 7:5.4 : Most Non-Admitted Attorneys Do Not Give New York Financing Opinions; “Home Jurisdiction” Remedies Opinion Is Often Useful and Available from the Non-Admitted Attorney161
    • § 7:5.5 : The Non-Admitted Attorneys’ Practice As to Real Estate Opinions and Property in the Name of Individuals162
      • [A] : Real Estate162
      • [B] : Individually Held Property162
    • § 7:5.6 : The Non-Admitted Attorney and Qualification to Do Business and Good Standing Opinions163
    • § 7:5.7 : Claims and No Conflict with Other Agreements Opinions in the Multi-State Setting163
  • § 7:6 : A Cost-Benefit Analysis for Multi-Jurisdictional Opinions164
Chapter 1-8: General Form of Third-Party Closing Opinion Letters
  • § 8:1 : Brevity and the Absence of Surplusage; the Kitchen-Sink Opinion Problem168
  • § 8:2 : The Structure of the Opinion Letter169
  • § 8:3 : Interpreting Closing Opinions171
    • § 8:3.1 : The Primacy of the “Laws-Covered” Language172
    • § 8:3.2 : Lack of Application of Laws-Covered Language to Litigation and to “No Breach or Default” Opinions173
  • § 8:4 : The Date—A Setting for the Opinion174
    • § 8:4.1 : The Opinion Date—Normally, the Closing Date174
    • § 8:4.2 : When the Opinion Date Is Not the Closing Date175
    • § 8:4.3 : Delivering an Opinion at a Distance176
  • § 8:5 : Reliance Rights177
    • § 8:5.1 : Reliance Rights of the Addressee177
    • § 8:5.2 : Reliance Rights of Named Non-Addressees and Assignees178
    • § 8:5.3 : Identification of Addressees and Others Entitled to Rely180
    • § 8:5.4 : Who Should Be the Addressee of a Local or Specialized Counsel’s Opinion That Is Relied on by the Opinion Giver?181
  • § 8:6 : The Opinion Requirement and Transaction Description181
  • § 8:7 : The Identification and Description of the Opinion Giver183
  • § 8:8 : Use of Defined Terms184
  • § 8:9 : The General Rule That There Is No Limitation on Matters Investigated (Except As Stated)185
  • § 8:10 : Assumption As to the Authorization of the Other Side186
  • § 8:11 : Dealing with Multi-Jurisdictional and Specialized Law Situations187
    • § 8:11.1 : Limitations Applicable to Laws-Covered Limitation187
    • § 8:11.2 : Reliance on Local or Specialized Counsel; Concurrence and Satisfactory in Substance Versus Satisfactory in Form and Scope; Non­Reliance190
      • [A] : Reliance on Other Counsel190
      • [B] : Statement that Reliance Is Justified—Form and Scope191
      • [C] : Statement of Concurrence—Form and Substance192
  • § 8:12 : Signatures192
Chapter 1-9: Some Characteristic Third-Party Closing Opinions
  • § 9:1 : A Note Regarding the Organization of Characteristic Third-Party Opinions198
    • § 9:1.1 : A Note on Dissecting, Categorizing and Resource Assessment in Initially Dealing with Opinion Requests198
    • § 9:1.2 : Practical Issues200
      • [A] : Applicable Law200
      • [B] : Number of Entities200
      • [C] : Timing200
      • [D] : Factual Resources200
      • [E] : Risk Taking201
      • [F] : Using the Practical Issue Analysis201
  • § 9:2 : Opinions About the Entity201
    • § 9:2.1 : Why Do Opinion Recipients Care About Entity Opinions?201
    • § 9:2.2 : Entity Status Opinions202
    • § 9:2.3 : Entity Names and Identifying the Entity Whose Status Is at Issue203
    • § 9:2.4 : State Specific “Good Standing” Opinions and the Good Standing System204
      • [A] : State Tax Enforcement204
      • [B] : Diligence for the Good Standing and Qualification Opinions205
      • [C] : Good Standing and Qualification Opinions As Misallocation of Resources205
    • § 9:2.5 : Incorporation/Formation Type Opinions206
      • [A] : Incorporation207
        • [A][1] : Incorporated and Validly Existing Opinions207
        • [A][2] : Duly Organized and Validly Existing Opinions207
        • [A][3] : Historical Opinions207
        • [A][4] : Problem Areas208
        • [A][5] : Costs of Organization and Incorporation Opinions208
        • [A][6] : Limited Scope of Incorporation Opinions209
        • [A][7] : What Statute Governs209
        • [A][8] : Diligence for the Incorporation Opinions209
        • [A][9] : Diligence for the Organization Opinions210
      • [B] : Formation of Limited Liability Companies and Limited Partnerships211
        • [B][1] : Formation Opinions As Possibly Historical Opinions211
        • [B][2] : Diligence for Formation Opinions212
    • § 9:2.6 : Valid Existence Opinions212
      • [A] : Using “Valid Existence Opinions” As Adjuncts212
      • [B] : “Naked Valid Existence Opinions”213
      • [C] : Diligence for the Valid Existence Opinions214
  • § 9:3 : Opinions About the Transaction, Its Documentation and Their Effect215
    • § 9:3.1 : Power and Authorization Opinions216
      • [A] : The Opinion217
      • [B] : Power Opinions218
      • [C] : Diligence for Power Opinions219
      • [D] : Authorization Opinions220
      • [E] : Diligence for Authorization Opinions221
    • § 9:3.2 : No Violation of Governing Documents Opinions222
    • § 9:3.3 : No Violation of Law Opinions223
    • § 9:3.4 : No Governmental Approvals Opinions225
      • [A] : Opinion225
      • [B] : Diligence for Opinions225
    • § 9:3.5 : No Breach or Default Arising from Current Transactions Under Prior Agreements Opinions226
    • § 9:3.6 : No Violation of Court and Administrative Agency Orders Opinions228
      • [A] : The Opinion228
      • [B] : Diligence for Opinions229
    • § 9:3.7 : No Claims (Including Litigation and Investigations) Opinions229
      • [A] : The Opinion230
      • [B] : Language Ambiguities in Claims Opinions233
      • [C] : Diligence for Opinions234
      • [D] : The Limited Information About Claims Provided in Closing Opinions234
  • § 9:4 : Opinions About the Promises and Property Exchanged235
    • § 9:4.1 : Remedies Opinions235
    • § 9:4.2 : Security Interest Opinions236
    • § 9:4.3 : State Law Opinions on Entity Issuance of Equity Interests237
      • [A] : Overview237
      • [B] : Common Stock241
        • [B][1] : Due Authorization Opinions241
        • [B][2] : Validly Issued Opinions242
        • [B][3] : Fully Paid and Non-Assessable Opinions242
      • [C] : Preferred Stock Opinions243
      • [D] : LLC and LP Interests244
        • [D][1] : Validly Issued245
        • [D][2] : Admission As a Member245
        • [D][3] : Opinions on Liability to Third Parties246
        • [D][4] : No Liability for Payments or Contributions to the Entity Opinions247
        • [D][5] : Remedies Opinions As to Relevant Agreements248
        • [D][6] : No Participation in Control Opinions248
    • § 9:4.4 : Opinions on Regulatory Aspects of Issuance of Equity and Debt Interests249
      • [A] : Exempt Offering249
      • [B] : Registered Offering249
      • [C] : State and Local Governmental Offerings250
  • § 9:5 : Opinions Beyond the Scope of the Transaction but Relating to the General Condition of the Entity250
    • § 9:5.1 : Power and Authority to Conduct Its Business Opinions252
      • [A] : Opinion252
      • [B] : Diligence for Opinions252
    • § 9:5.2 : No Violation of Governing Documents in Conduct of Business Opinions252
    • § 9:5.3 : Conduct of Business Does Not Violate Law Opinions252
      • [A] : Opinion252
      • [B] : Diligence for Opinions253
    • § 9:5.4 : No Governmental Approvals Required for Conduct of Business Opinions253
    • § 9:5.5 : No Breach or Default Under Other Company Agreements Opinions254
      • [A] : Opinion254
      • [B] : Diligence255
    • § 9:5.6 : Broadened No Violation of Court Order Opinions255
      • [A] : Opinion255
      • [B] : Diligence255
    • § 9:5.7 : Broadened No Claims Opinions, Including Litigation and Investigations255
      • [A] : Opinion255
      • [B] : Diligence255
    • § 9:5.8 : Comprehensive Doing Business Opinions256
      • [A] : Opinion256
      • [B] : Diligence256
  • § 9:6 : Opinions and the Effect of Limitations on the Opinion Giver: The Misleading Opinion, Aiding and Abetting and the Ethics Rules256
    • § 9:6.1 : The Misleading Opinion—Customary Practice Standard259
    • § 9:6.2 : Misrepresentation261
    • § 9:6.3 : Fiduciary Duty, Good Faith and Fair Dealing262
    • § 9:6.4 : Aiding and Abetting263
    • § 9:6.5 : Regulated Opinion Practice Standards264
Chapter 1-10: Third-Party Closing Opinion Letters: The Role of Recipient’s Attorney
  • § 10:1 : Recipient’s Attorney Owes a Duty Only to His or Her Client266
    • § 10:1.1 : No Duty to Third-Party Closing Opinion Giver or Its Client266
    • § 10:1.2 : Duty to Opinion Recipient-Client267
  • § 10:2 : Third-Party Closing Opinion Literature Regarding the Opinion Recipient and Its Attorney269
  • § 10:3 : Extent of the Recipient’s Attorney’s Duty to Its Opinion Recipient-Client270
    • § 10:3.1 : The Need for Client Guidelines270
    • § 10:3.2 : Verification of Closing Opinion Is Not Customary271
    • § 10:3.3 : So-Called Disapproved Closing Opinions272
    • § 10:3.4 : Obtaining Opinions at the Closing273
  • § 10:4 : Varied Roles for Recipient’s Attorney273
    • § 10:4.1 : The Leaderless Situation274
    • § 10:4.2 : The Classic Situation275
  • § 10:5 : Acceptability of Third-Party Closing Opinion Giver: Relation to Chosen Law of Deal Documents276
  • § 10:6 : Acceptability of Third-Party Closing Opinion Letter’s Content278
  • § 10:7 : Opinion Coverage279
    • § 10:7.1 : Information About the Opinion Giver’s Client279
    • § 10:7.2 : Is a Remedies Opinion Required?280
    • § 10:7.3 : Status; Power and Authorization Questions As to Regulated, Governmental, Subsidiary, and Fiduciary Parties281
    • § 10:7.4 : Supplementing Opinion Coverage to Deal with the Opinion Letter’s Laws-Covered Limitation281
  • § 10:8 : The Business Diligence Analysis of Opinions282
  • § 10:9 : A Preliminary Checklist for Assessing the Proposed Opinion282
    • § 10:9.1 : Customary Practice Meaning and Statement283
    • § 10:9.2 : Opinion Date284
    • § 10:9.3 : General Acceptability of Opinion Preparer and Giver284
    • § 10:9.4 : Reliance By Opinion Recipient’s Attorney284
    • § 10:9.5 : Reliance By Non-Addressees284
    • § 10:9.6 : Laws-Covered Limitation284
    • § 10:9.7 : Performance Opinion285
    • § 10:9.8 : Acceptability of Knowledge Limitations285
    • § 10:9.9 : Negotiations Regarding Materiality Limits285
    • § 10:9.10 : Opinion Signature285
    • § 10:9.11 : The Form of Bankruptcy Exception286
    • § 10:9.12 : Entity and Authorization Questions286
Chapter 1-11: Opinion Preparer’s Handling of Opinion Requests and the Overall Opinion Situation
  • § 11:1 : The Opinion Preparer’s Role287
  • § 11:2 : The Initial Opinion Request288
    • § 11:2.1 : Reviewing the Initial Opinion Request289
    • § 11:2.2 : An Opportunity to Educate the Opinion Recipient289
  • § 11:3 : When There Is Only a Non-Specific Opinion Request290
  • § 11:4 : Avoiding Delay and Anticipating Costs—Dealing with Issues and Other Counsel290
  • § 11:5 : The Time for a Detailed Response to the Refined Opinion Request291
  • § 11:6 : Granting Non-Addressees Reliance in an Opinion Letter292
  • § 11:7 : The Client’s Role in the Opinion Request Negotiation292
    • § 11:7.1 : Use of Access to the Client to Reduce Opinion Costs293
  • § 11:8 : Last-Minute Exceptions Taken from Other Opinions294
  • § 11:9 : Anticipating the Final Comments of Opinion Recipient’s Counsel294
  • § 11:10 : Comments from Other Interested Parties294
Chapter 1-12: Diligence About Non-Corporate Entities and Arrangements
  • § 12:1 : Introduction298
  • § 12:2 : Types of Non-Corporate Entities and Arrangements299
    • § 12:2.1 : Statutory Permission Entities300
    • § 12:2.2 : Common-Law Arrangements301
  • § 12:3 : Establishing Relevant Documentation301
    • § 12:3.1 : Statutory Permission Entities302
    • § 12:3.2 : Common-Law Entities302
    • § 12:3.3 : Formation—Existence302
    • § 12:3.4 : Existence and Good Standing304
  • § 12:4 : Power and Authority304
    • § 12:4.1 : Power304
    • § 12:4.2 : Action305
Chapter 1-13: Closing Opinions to Clients
  • § 13:1 : Introduction308
  • § 13:2 : Formal Letter Versus Informal Advice309
  • § 13:3 : Responsibility to the Client Depends on Context of Entire Engagement310
  • § 13:4 : Responsibility After Closing310
  • § 13:5 : Identifying the Client311
    • § 13:5.1 : The Client Is the Organization, Not an Officer of It311
    • § 13:5.2 : All Members of the Group May Be Clients312
    • § 13:5.3 : Client Successors313
  • § 13:6 : Advice to Clients in the Regulatory Context313
    • § 13:6.1 : Primacy of Regulatory Context313
    • § 13:6.2 : Sarbanes-Oxley and the Regulation of Client Advice under the Securities Laws313
  • § 13:7 : Limited Applicability of Third-Party Customary Practice to Opinions to Clients313
    • § 13:7.1 : Customary Usage313
    • § 13:7.2 : Customary Diligence313
  • § 13:8 : Significant Differences from Third-Party Opinions315
  • § 13:9 : Will Opinion to the Client Be Inferred from a Third-Party Closing Opinion?317
  • § 13:10 : Claims Arising Out of an Opinion Negligently Given to a Client317
  • § 13:11 : Statute of Limitations Questions318
Chapter 1-14: Getting Started: An Outline for Those Beginning to Learn About Opinions
  • § 14:1 : Introduction319
  • § 14:2 : History320
  • § 14:3 : Opinion Practice Vocabulary324
  • § 14:4 : Ethical Framework325
  • § 14:5 : The Opinion Giver’s Degree of Certainty326
  • § 14:6 : Liability to the Closing Opinion Recipient326
  • § 14:7 : The Customary Practice System327
  • § 14:8 : Basic Reading About Opinions327
  • § 14:9 : Realistic Limits on Legal Opinions—Time, Cost and Context327
  • § 14:10 : Opinion Letter Paragraphs Versus Opinions329
  • § 14:11 : The “Law Covered” Limitation329
  • § 14:12 : Factual Material329
  • § 14:13 : Assessing the Legal and Factual Diligence Required330
  • § 14:14 : The Time Line330
  • § 14:15 : The Opinion Letter As an Attempt to Transmit Information330
  • § 14:16 : Professional Risk and a Conservative Approach331
Chapter 2-1: Bankruptcy Opinions David A Murdoch ~ K&L Gates LLP
  • § 1:1 : Introduction3
    • § 1:1.1 : Primary Predicates3
    • § 1:1.2 : Expectations of Third-Party Closing Opinion Givers and Recipients6
  • § 1:2 : Bankruptcy Opinions8
    • § 1:2.1 : Understandable Writing: Can Eloquence Set Fire to Reason?8
      • [A] : Closing Opinion Language8
      • [B] : Exceptions, Assumptions and Disclosures10
    • § 1:2.2 : Use of the Bankruptcy Exception and Equitable Principles Limitation Explained12
      • [A] : Bankruptcy Exception and Equitable Principles Limitation12
      • [B] : Asset Sale Opinions in Bankruptcy13
      • [C] : Other Bankruptcy Opinions13
      • [D] : Separate Opinions14
    • § 1:2.3 : Asset Sale or Transfer Opinions for Transfers Under Bankruptcy Court Supervision15
      • [A] : The Opinion17
      • [B] : Assumptions18
      • [C] : Legal Analysis20
      • [D] : Limitations and Exclusions21
    • § 1:2.4 : Substantive Consolidation Opinions and the Special Purpose Entity (SPE) in Structured Finance Transactions25
      • [A] : The Opinion26
      • [B] : Assumptions29
      • [C] : Legal Analysis30
      • [D] : Limitations and Exclusions32
    • § 1:2.5 : True Sale Opinions34
      • [A] : The Opinion34
      • [B] : Assumptions36
      • [C] : Legal Analysis38
      • [D] : Limitations and Exclusions44
    • § 1:2.6 : Opinions Relating to the Risk of an Involuntary Bankruptcy Being Filed Against a Nonprofit Organization44
      • [A] : The Opinion46
      • [B] : Assumptions46
      • [C] : Legal Analysis47
      • [D] : Limitations and Exclusions48
  • § 1:3 : Opinions About Avoidable Transactions in Bankruptcy50
    • § 1:3.1 : Fraudulent Transfers and Obligations50
    • § 1:3.2 : Preference Opinions for Credit-Supported Financings54
  • § 1:4 : Elements of, or Checklist for, Preparation of Bankruptcy Opinions55
    • § 1:4.1 : Essential Elements55
    • § 1:4.2 : Examples of Items to Be Considered for the Elements of the Opinion56
    • § 1:4.3 : Checklists for Opinion Recipients to Assess What They Are “Entitled” to Receive and What They Must Determine for Themselves59
  • § 1:5 : Traps for the Unwary59
    • § 1:5.1 : Attorney-Client Privilege60
    • § 1:5.2 : Pre-Bankruptcy Advice61
    • § 1:5.3 : Rules of Professional Conduct and Ethical Concerns62
    • § 1:5.4 : Claims Against Opinion Givers64
    • § 1:5.5 : Client or Adversary Fraud or Misrepresentation66
    • § 1:5.6 : The Deep-Pocket Risk67
  • § 1:6 : Principal and Relevant Bankruptcy Opinion Sources68
Chapter 2-2: Business Acquisitions Opinions Thomas M Thompson ~ Buchanan Ingersoll & Rooney PC
  • § 2:1 : Overview of Business Acquisitions Opinions72
    • § 2:1.1 : Third-Party Closing Opinions As Conditions to Closing in M&A Transactions73
    • § 2:1.2 : The Setting for M&A Opinions73
    • § 2:1.3 : What Purposes Are Served by Third-Party Closing Opinions in Acquisitions?74
    • § 2:1.4 : Why Require Opinions from the Buyer’s Attorney?75
    • § 2:1.5 : Trend Toward Fewer Third-Party Closing Opinions76
    • § 2:1.6 : When Best to Confront the Third-Party Closing Opinion Issues77
  • § 2:2 : Basic Resources for Acquisition Opinions78
    • § 2:2.1 : ABA Revised Model Stock Purchase and Asset Purchase Agreements78
    • § 2:2.2 : State Opinion Reports80
    • § 2:2.3 : Other Resources80
  • § 2:3 : Types of Third-Party Closing Opinions Normally Given in Acquisitions81
    • § 2:3.1 : Due Incorporation and Status81
    • § 2:3.2 : Corporate Power to Conduct Business82
    • § 2:3.3 : Corporate Power and Authority to Execute, Deliver and Perform Agreement82
    • § 2:3.4 : No Violation, Consents83
    • § 2:3.5 : Enforceability85
    • § 2:3.6 : Due Authorization of Stock and Capitalization86
    • § 2:3.7 : Acquisition of Shares Free of Adverse Claims87
    • § 2:3.8 : Effectiveness of Merger87
    • § 2:3.9 : Legal Sufficiency of Transfer Documents88
    • § 2:3.10 : Legal Proceedings89
  • § 2:4 : Troubling Opinion Requests90
    • § 2:4.1 : Foreign Qualification90
    • § 2:4.2 : Title to Stock90
    • § 2:4.3 : Negative Assurance Opinions91
    • § 2:4.4 : “Knowledge” and “Materiality” Qualifications Not a Panacea91
    • § 2:4.5 : Overly Broad Opinions As to the Target Rather than the Transaction92
  • § 2:5 : Other Common Issues in Acquisition Closing Opinions92
    • § 2:5.1 : Jurisdictions Covered by the Closing Opinion92
    • § 2:5.2 : Reliance on Other Attorneys93
    • § 2:5.3 : Gaps in Corporate Records94
    • § 2:5.4 : “Reasoned” or “Explained” Closing Opinions94
    • § 2:5.5 : Reliance on a Client’s Representations in an Acquisition Agreement As Factual Support95
    • § 2:5.6 : Limiting Who May Rely on Opinions97
    • § 2:5.7 : Misleading Closing Opinions97
Chapter 2-3: Delaware Third-Party Closing Opinions: An Outline on Basic Delaware Corporation and Limited Liability Company Opinions Louis G Hering ~ Morris Nichols Arsht & Tunnell
Eric S Klinger-Wilensky ~
  • § 3:1 : Introduction101
  • § 3:2 : Corporate Opinions101
    • § 3:2.1 : Introduction101
    • § 3:2.2 : Due Incorporation102
      • [A] : Due Diligence102
      • [B] : Proper Incorporators103
      • [C] : Execution, Acknowledgment, and Filing of Certificate of Incorporation104
      • [D] : Required Provisions in the Certificate of Incorporation105
      • [E] : Facts Ascertainable107
      • [F] : Effective Time of a Certificate of Incorporation107
    • § 3:2.3 : Due Organization107
    • § 3:2.4 : Valid Existence108
    • § 3:2.5 : Good Standing110
    • § 3:2.6 : Stock Duly Authorized, Validly Issued, Fully Paid, Non-Assessable111
      • [A] : Introduction111
      • [B] : Duly Authorized111
        • [B][1] : Process Leading to Authorization of Stock112
        • [B][2] : Delaware Law Requirements: Stock Terms116
        • [B][3] : Number of Authorized Shares117
        • [B][4] : Valid Issuance118
      • [C] : Preemptive Rights, Consideration and Authorization of Issuance118
        • [C][1] : Preemptive Rights118
        • [C][2] : Consideration119
        • [C][3] : Authorization of Issuance119
      • [D] : Stock Certificates121
      • [E] : Fully Paid and Non-Assessable122
  • § 3:3 : LLC Opinions123
    • § 3:3.1 : Introduction123
    • § 3:3.2 : Due Formation Opinion124
    • § 3:3.3 : Certificate of Formation124
    • § 3:3.4 : LLC Agreement125
    • § 3:3.5 : Valid Existence and Good Standing127
    • § 3:3.6 : Due Admission and Valid Issuance Opinion129
    • § 3:3.7 : Valid Issuance Opinion131
    • § 3:3.8 : LLC Agreement Requirements131
    • § 3:3.9 : The DLLCA Requirements132
    • § 3:3.10 : Differences Between Corporate and LLC Opinions133
    • § 3:3.11 : Member Contribution and Payment Obligations and Limited Liability124
  • § EXHIBIT 3A : EXHIBIT 3A137
  • § EXHIBIT 3B : EXHIBIT 3B138
Chapter 2-4: Corporate Trust Opinions James Gadsden ~ Carter Ledyard & Milburn LLP
  • § 4:1 : The Bond Market Contrasted to Bank Financing139
  • § 4:2 : Structure of Indentures and the Relevant Parties141
  • § 4:3 : Trust Indenture Act of 1939143
  • § 4:4 : Opinions Given By Counsel for Corporate Trustees144
  • § 4:5 : Opinions Delivered to the Trustee146
  • § 4:6 : Post-Closing Opinions148
  • § 4:7 : Opinions Connected with Transfers of Securities150
Chapter 2-5: Municipal Bond Opinions Allen K Robertson ~ Robinson, Bradshaw & Hinson, P.A.
  • § 5:1 : Introduction152
  • § 5:2 : Basic Types of Bonds152
    • § 5:2.1 : Governmental Bonds152
    • § 5:2.2 : Conduit Bonds152
  • § 5:3 : Competitive Versus Negotiated Sales153
  • § 5:4 : State Law Validity of Municipal Bonds154
  • § 5:5 : Federal Tax Exemption of Interest on Municipal Bonds155
  • § 5:6 : Federal Securities Law Applicable to Municipal Bonds157
  • § 5:7 : Roles of Lawyers in Municipal Bond Issues159
  • § 5:8 : Historical Evolution and Modern Function of Bond Counsel159
  • § 5:9 : The Bond Opinion161
  • § 5:10 : Comparison Between Bond Opinions and Third-Party Closing Opinions164
  • § 5:11 : Supplemental Opinion of Bond Counsel165
  • § 5:12 : Various Roles of Bond Lawyers166
    • § 5:12.1 : Opinion of Issuer’s Lawyer166
    • § 5:12.2 : Opinion of Conduit Borrower’s Lawyer166
    • § 5:12.3 : Opinion of Underwriter’s Lawyer167
    • § 5:12.4 : Opinions of Lawyer to Credit Enhancers or Liquidity Providers167
    • § 5:12.5 : Opinion of Trustee’s Lawyer168
  • § 5:13 : No Adverse Effect Tax Opinions168
Chapter 2-6: Remedies Opinions in Commercial Real Estate Financing Transactions Kenneth M Jacobson ~ Katten Muchin Rosenman LLP
  • § 6:1 : Context and Overview170
  • § 6:2 : Descriptions of Real Estate Customary Practice171
  • § 6:3 : A Limited Form of Remedies Opinion174
    • § 6:3.1 : The Remedies Opinion174
    • § 6:3.2 : The Generic Qualification in Remedies Opinions175
    • § 6:3.3 : Practical Realization “Comfort”176
    • § 6:3.4 : ACREL-Style “Comfort”177
    • § 6:3.5 : A Different Kind of Practical Realization “Comfort”180
  • § 6:4 : Usury180
  • § 6:5 : Choice of Law181
  • § 6:6 : Opinions That Are Typically Not Provided in Commercial Real Estate Financing Transactions182
    • § 6:6.1 : Title182
    • § 6:6.2 : Land Use182
    • § 6:6.3 : Personal Property Security Interests182
    • § 6:6.4 : Essential Remedies183
  • § 6:7 : Excluded Laws183
  • § 6:8 : Non-Contravention Opinions183
  • § 6:9 : Taxation and Qualification to Do Business184
  • § 6:10 : Lien Creation Opinions and Form of Documents Opinions184
Chapter 2-7: Securities Law Opinions Stanley Keller ~ Edwards Wildman Palmer LLP
  • § 7:1 : Introduction188
  • § 7:2 : Regulatory Overlay188
  • § 7:3 : Opinions in Registered Securities Offerings191
    • § 7:3.1 : Opinions Filed with the SEC191
    • § 7:3.2 : Equity Securities192
    • § 7:3.3 : Debt Securities193
    • § 7:3.4 : Other Securities195
    • § 7:3.5 : Shelf Registrations195
    • § 7:3.6 : Exhibit 8 Tax Opinions197
  • § 7:4 : Opinions to Underwriters197
    • § 7:4.1 : Issuers’ Law Firms’ Opinions198
    • § 7:4.2 : Negative Assurance Letters198
    • § 7:4.3 : Selling Security Holders’ Lawyers’ Opinions199
  • § 7:5 : Opinions in Unregistered Offerings203
    • § 7:5.1 : Exempt Offering Opinions203
    • § 7:5.2 : Opinions on Resales205
  • § 7:6 : Opinions on Municipal Securities206
  • § 7:7 : Audit Responses207
Chapter 2-8: Security Interest Opinions Under U.C.C. Article 9 Reade H Ryan ~ Shearman & Sterling LLP
  • § 8:1 : Introduction210
  • § 8:2 : Creation, Perfection and Priority211
  • § 8:3 : U.C.C. Scope Limitation212
  • § 8:4 : Remedies Opinions213
  • § 8:5 : Creating the Security Interest214
    • § 8:5.1 : Security Agreement216
    • § 8:5.2 : Value219
    • § 8:5.3 : Debtor Rights in the Collateral220
  • § 8:6 : Perfecting the Security Interest220
  • § 8:7 : Perfection by Filing223
  • § 8:8 : Perfection by Possession229
  • § 8:9 : Perfection by Control230
    • § 8:9.1 : Security Interest in a Deposit Account232
    • § 8:9.2 : Security Interest in a Securities Account234
    • § 8:9.3 : Security Interest in a Security235
  • § 8:10 : Automatic Perfection237
  • § 8:11 : Filing Priority Opinion238
  • § 8:12 : Priority of Security Interest in Instruments244
  • § 8:13 : Priority of Security Interest in Certificated Securities245
    • § 8:13.1 : “Protected Purchaser” Opinion247
    • § 8:13.2 : “U.C.C. Priority” Opinion249
  • § 8:14 : Priority of Security Interest in Security Entitlements251
    • § 8:14.1 : “No Adverse Claim” Opinion251
    • § 8:14.2 : “U.C.C. Priority” Opinion253
  • § 8:15 : Subsequent Changes in Facts254
  • § 8:16 : After-Acquired Property and Proceeds255
    • § 8:16.1 : After-Acquired Collateral256
    • § 8:16.2 : Proceeds257
Chapter 2-9: Tax Opinions Peter H Blessing ~ KPMG LLP
  • § 9:1 : Introduction261
  • § 9:2 : Types of Tax Opinions263
    • § 9:2.1 : Context of Tax Opinions263
      • [A] : Third-Party Closing Opinions263
      • [B] : Private Tax Opinions265
    • § 9:2.2 : Formal Tax Opinions266
    • § 9:2.3 : Informal Tax Opinions267
  • § 9:3 : Relationship to Ordinary Commercial Law Opinions267
    • § 9:3.1 : Differences Between Tax Opinions and Ordinary Commercial Law Opinions Generally267
      • [A] : Purpose268
      • [B] : Coverage269
      • [C] : Regulatory269
      • [D] : Diligence270
      • [E] : Language270
    • § 9:3.2 : Additional Observations Regarding Third-Party Closing Opinions270
      • [A] : Similarities to Ordinary Commercial Law Opinions270
      • [B] : Regulatory271
      • [C] : Language271
      • [D] : Other271
    • § 9:3.3 : Additional Observations Regarding Private Tax Opinions272
      • [A] : Purpose272
      • [B] : Privilege272
      • [C] : Regulatory272
      • [D] : Diligence273
      • [E] : Language273
      • [F] : Form274
      • [G] : Overall Observation274
  • § 9:4 : Content and Form of Tax Opinions275
    • § 9:4.1 : Levels of Strength of Opinion275
    • § 9:4.2 : Legal Analysis277
    • § 9:4.3 : Relevant Authorities278
    • § 9:4.4 : Structure of Typical Private Tax Opinion280
  • § 9:5 : SEC Guidelines for Tax Disclosure and Tax Opinions282
    • § 9:5.1 : When Tax Opinions Are Required282
    • § 9:5.2 : Form of Opinion283
    • § 9:5.3 : Substance of Tax Opinions284
      • [A] : Scope: Material Federal Tax Consequences284
      • [B] : Structure and Content of Opinion285
      • [C] : Assumptions and Qualifications287
      • [D] : Limitations on Reliance287
    • § 9:5.4 : Additional Rules288
      • [A] : Timing288
      • [B] : Consents289
  • § 9:6 : Circular 230 Regulatory Requirements for “Covered” Tax Opinions289
    • § 9:6.1 : Introduction289
    • § 9:6.2 : Scope of Application of Section 10.35 (“Covered Opinions”)291
    • § 9:6.3 : Definition of “Covered Opinion”292
      • [A] : Definitions Regarding a Significant Purpose Arrangement293
    • § 9:6.4 : Opinions Excluded from the Definition of a Covered Opinion295
    • § 9:6.5 : Requirements for “Covered Opinions”296
      • [A] : Factual Matters296
      • [B] : Relate Law to Facts297
      • [C] : Evaluation of and Conclusion on All Significant Federal Tax Issues297
      • [D] : Exceptions to Requirement of Conclusions on All Issues298
      • [E] : Additional Required Disclosures for Promotion or Referral Agreements and for Marketed Opinions298
  • § 9:7 : Circular 230 Regulatory Requirements for Non-Covered Opinions and Other Written Advice299
  • § 9:8 : Circular 230 Standards for Advice Regarding Tax Returns and Other Documents300
  • § 9:9 : Section 6694 Tax Return “Preparer” Penalty (Including for Advice)301
    • § 9:9.1 : Nonsigning Preparers302
    • § 9:9.2 : Threshold for Penalty: Unreasonable Position302
    • § 9:9.3 : Defense Based on Reasonable Cause and Good Faith304
    • § 9:9.4 : Responsibility of Firm305
  • § 9:10 : Registration of Tax Return Preparers (Including Certain Advisors)305
  • § 9:11 : Reporting Involving Reportable Transactions/Ethical Standards for Tax Shelters307
    • § 9:11.1 : Reportable Transactions307
      • [A] : Taxpayer Reporting Obligation307
      • [B] : Material Advisor Reporting309
      • [C] : Material Advisor’s List Maintenance Requirements310
    • § 9:11.2 : Professional Standards311
  • § 9:12 : Reliance on Opinions to Avoid Penalties312
  • § 9:13 : Protecting the Client315
    • § 9:13.1 : Privilege and Work Product Immunity316
    • § 9:13.2 : Preserving Client’s Ability to Rely on Opinion to Avoid Penalties317
    • § 9:13.3 : Other319
  • § 9:14 : Protecting the Firm320
    • § 9:14.1 : Potential Malpractice Claims and Criminal Charges320
    • § 9:14.2 : Other322
  • § 9:15 : Literature324
Chapter 3-1: The Opinion Committee: Internal Standards for Opinion Giving; Risk and Quality Control
  • § 1:1 : Opinion Committees Are Common in Firms with a Substantial Corporate Practice1
  • § 1:2 : Specialization and the Opinion Committee2
  • § 1:3 : Multi-Jurisdictional and Transnational Law Practice, Law Firm Mergers, Lateral Partners and the Opinion Committee3
  • § 1:4 : Typical Opinion Committee Structure4
    • § 1:4.1 : Educational Activities4
    • § 1:4.2 : Hotlines4
    • § 1:4.3 : Second-Attorney Review4
    • § 1:4.4 : Reviewing the Unusual Opinion6
    • § 1:4.5 : Formal Versus Informal Opinion Consultation6
    • § 1:4.6 : Practice Leader Opinion Coordination6
  • § 1:5 : Opinion Review Attorney Role in Controlling Transactional Liability7
  • § 1:6 : Quality Control: Self-Assessment Regarding Closing Opinions8
Chapter 3-2: Ethics and Professional Liability
  • § 2:1 : The Ethical Propriety of Third-Party Opinions12
    • § 2:1.1 : Fair and Objective but Not Independent12
    • § 2:1.2 : Ordinarily No Disclosure of Interest to a Third Party; Duty to the Client Is Disclosed13
  • § 2:2 : Whose Opinion Is It—Opinion Giver’s or Opinion Preparer’s?14
  • § 2:3 : Privity, Near Privity, and Liability15
  • § 2:4 : The Model Rules16
  • § 2:5 : Restatement (Third) of the Law Governing Attorneys, Sections 51 and 9517
  • § 2:6 : Customary Practice and Liability17
  • § 2:7 : Customary Practice Probably Contemplates a National Custom Rather than a Local-Practice Standard19
  • § 2:8 : Customary Practice—The Specialist and the “Below-Average” Attorney20
  • § 2:9 : Client Confidentiality20
  • § 2:10 : Liability to a Client for Negligent Acceptance of an Opinion22
  • § 2:11 : Anti-Third-Party Legal Opinion Legislation—Rhode Island22
  • § 2:12 : Limiting Opinion Liability to Clients and Nonclients23
  • § 2:13 : Fraud and Opinions23
Chapter 3-3: Handling Liability Claims
  • § 3:1 : Introduction25
    • § 3:1.1 : Level of Experience25
    • § 3:1.2 : Critical Environment27
  • § 3:2 : Legal Malpractice Terminology29
    • § 3:2.1 : Legal Malpractice and Ethics Terminology29
      • [A] : Standard of Care and Standard of Conduct29
      • [B] : Legal Malpractice Versus Legal Ethics30
      • [C] : Perceived Errors Versus Actual Errors30
      • [D] : Potential Claims Versus Actual Claims31
    • § 3:2.2 : Legal Malpractice Insurance Terminology31
    • § 3:2.3 : Legal Malpractice Litigation Terminology32
      • [A] : Experts32
      • [B] : Motions to Dismiss32
      • [C] : Motions for Summary Judgment34
  • § 3:3 : Distinction Between Perceived Errors and Actual Errors35
  • § 3:4 : Confidentiality and Waiver36
    • § 3:4.1 : Ethics Rules36
    • § 3:4.2 : Attorney-Client Privilege37
  • § 3:5 : Remedial Actions, Consents and Admissions39
    • § 3:5.1 : Unilateral Action39
    • § 3:5.2 : Consent39
    • § 3:5.3 : Admissions40
    • § 3:5.4 : Statutes of Limitations40
  • § 3:6 : Location, Location, Location40
  • § 3:7 : Insurance Coverage Issues41
  • § 3:8 : Communications with Insurance Carriers43
  • § 3:9 : Selecting Defense Counsel43
  • § 3:10 : Practical Suggestions44
    • § 3:10.1 : Introduction44
    • § 3:10.2 : Responsiveness to Potential or Actual Claims44
    • § 3:10.3 : Advance Planning45
    • § 3:10.4 : Complaints by Private Third Parties46
    • § 3:10.5 : Complaints by Governmental Entities47
    • § 3:10.6 : Selecting Consultative Experts and Testimonial Experts47
      • [A] : Consultative Experts47
      • [B] : Retaining Testimonial Experts48
      • [C] : Testimonial Expert’s Qualifications49
  Appendices
Appendix A: ABA Guidelines II
Appendix B: ABA Principles
Appendix C: Multi-Bar Statement on the Role of Customary Practice in the Preparation and Understanding of Third-Party Legal Opinions
Appendix D: TriBar Opinion Committee, Third-Party “Closing” Opinions
Appendix E: Restatement (Third) of the Law Governing Lawyers § 95
Appendix F: Restatement (Third) of the Law Governing Lawyers § 51
Appendix G: Model Rule 2.3
Appendix H: Restatement (Second) of the Law of Torts § 299A
Appendix I: Restatement (Second) of the Law of Torts § 552
Appendix J: TriBar Opinion Committee, U.C.C. Security Interest Opinions Report
Appendix K: ABA, Closing Opinions of Inside Counsel Report
Appendix L: ABA, Negative Assurance in Securities Offerings(2008 Revision)
Appendix M: TriBar Opinion Committee, Third-Party Closing Opinions: Limited Liability Companies
Appendix N: TriBar Opinion Committee, Supplemental TriBar LLC Opinion Report: Opinions on LLC Membership Interests
Appendix O: TriBar Opinion Committee,The Remedies Opinions: Deciding When to Include Exceptions and Assumptions
Appendix P: TriBar Opinion Committee, Supplemental Report: Opinions on Chosen-Law Provisions Under the Restatement of Conflict of Laws
Appendix Q: ABA, Report on the 2010 Survey of Law Firm Opinion Practices
Appendix R: TriBar Opinion Committee, Duly Authorized Opinions on Preferred Stock
Appendix S: TriBar Opinion Committee, Opinion in the Bankruptcy Context, Rating Agency, Structured Financing and Chapter 11 Transactions
Appendix T: Citibar, Committee on Bankruptcy and Corporate Reorganizations (N.Y.): Preparation of Substantive Consolidation Opinions
Appendix U: Model Rule 4.1: Truthfulness in Statements to Others
Appendix V: ABA, Report: Legal Opinions in SEC Filings (2013 Update)
Appendix W: ABA, No Registration Opinions
Appendix X: Special Report of the TriBar Opinion Committee—Opinions on Secondary Sales of Securities
Appendix Y: National Association of Bond Lawyers, Model Bond Opinion Report
  Index to Vol. 1
  Index to Vol. 2
  Index to Vol. 3

  Please click here to view the latest update information for this title: Last Update Information  
 

Print Share Email
Finally, an easy to read treatise on the basic tenets of legal opinions in business transactions ... simple, practical and intelligible.
Joseph Halliday, Skadden, Arps, Slate, Meagher & Flom

”Easy-to-find material relevant to your questions and an easy-to-read style.”

—Mike Sigal, Simpson Thacher & Bartlett

News & Expert Analysis

October 24, 2014

False Statements to CAFC Lead to Attorney Discipline

From: Patent Law Practice Center

Each year, PLI holds its annual Patent Litigation ...

October 22, 2014

The TRG Rides Again! (More Revenue Recognition Issues to Discuss)

From: The SEC Institute Blog

The IASB/FASB Transition Resource Group for Revenu...

October 16, 2014

When “Patent Trolls” ARE Innovators

From: Patent Law Practice Center

The term “patent troll” conjures up all kinds of i...