Relying on the Legal Opinions of Borrower's Counsel

From: The Secured Lender | Date: November 1, 2004| Author: | Copyright information

Except for certain multijurisdictional situations, the opinions requested by a lender from counsel to the borrower, on the attachment, perfection and, if given, priority of security interests in personal property under Revised Article 9 of the Uniform Commercial Code, arc seldom worth the cost of obtaining them. Perhaps if the law of other jurisdictions is brought into question, which is seldom the case given the uniformity of the adoption of Article 9, or the debtor is a regulated entity and the ability to grant the security interest is in question, which is also seldom the case, the UCC ...

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