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Opinions Matters

Opinions Matters Fall 2018

Statement of Opinion Practices Crosses the Finish Line

Sterling S Willis

Summary

  • The Statement is part of an effort to frame a national opinion consensus.
  • The Statement updates the prior ABA Business Law Legal Opinion Principles in their entirety but only updates certain selected provisions of the ABA Guidelines for the Preparation of Closing Opinions (the “Guidelines”).
Statement of Opinion Practices Crosses the Finish Line
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The Statement of Opinion Practices (the “Statement”) has been adopted by its two sponsoring organizations, the Legal Opinions Committee of the Business Law Section of the American Bar Association and the Working Group on Legal Opinions Foundation. The Statement updates the prior ABA Business Law Legal Opinion Principles in their entirety but only updates certain selected provisions of the ABA Guidelines for the Preparation of Closing Opinions (the “Guidelines”). The other provisions of the Guidelines that are unaffected by the Statement are not repealed, and the Statement provides that no inference should be drawn from their omission from the Statement. For a broader discussion with respect to the Statement, please see the prior article in the Spring 2018 edition of Opinions Matters.

The Statement is posted here. Also posted are the Core Opinion Principles, an Explanatory Note and a Table of Sources from the existing Legal Opinion Principles and Guidelines. The Core Opinion Principles were adopted for those who wish to reference them or attach them to legal opinions to adopt the Principles, directly or indirectly, into their opinion.

Already numerous bar groups, including ACMA, ACREL, the RPTE Opinions Committee, and the TriBar Opinions Committee have adopted the Statement. As noted in the Spring 2018 edition of Opinions Matters, in connection with considering adopting the final Statement, RPTE may also wish to revisit the Real Estate Opinion Letter Guidelines to see if they need to be adapted not only in light of the Statement but also other developments in Customary Practice, including the Real Estate Finance Opinion Report of 2012, the Local Counsel Report of 2016, and the UCC Report referenced elsewhere in this edition.

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