The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
Legal opinions are used in the vast majority of financing transactions. They are usually either a condition precedent to funding or a condition precedent to the signing of the finance documentation. They provide the addressee of the legal opinion with information on the legal risks involved in a transaction. Although they are seen across many different types of financing transactions, they can be tricky to deal with from both a legal and practical perspective and, as such, should be discussed and agreed as soon as possible in the transaction process.
This Practice Note explains:
what legal opinions are
when they are used
who can rely on them
what they cover
how legal opinions are used in cross-border transactions, and
the structure of a typical opinion letter
For more information, see Practice Notes:
Instructing and managing local counsel, and
Drafting or reviewing legal opinions in loan transactions
For an example of an English law legal opinion, see Precedent: Legal opinion letter: English borrower entering into an unsecured bilateral facility agreement.
A legal opinion is a letter which sets out opinions as to matters of law. It does not cover factual matters. The letter will be made up of the legal opinions themselves, along with a set of assumptions and qualifications which usually make up the majority of the letter.
The City of London Law
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On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
Codicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more
Definition of automatismAn act is done in a state of automatism if it is done by the body without control by the mind, (eg it is a spasm or a reflex), or if it is done by a person who is not conscious of what they are doing. The act may be described as involuntary, but will not be regarded as such
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