The Commercial Transactions Committee (formerly the UCC Committee) has published its report, Legal Opinions in Personal Property Secured Transactions (June 2005). The Report updates, expands and replaces, the Report Regarding Legal Opinions in Personal Property Secured Transactions originally published by the Committee in 1989. The Committee believed it important to replace the 1989 Report in light of the adoption of revised Article 9 of the Uniform Commercial Code by the State of California and changes in customary opinion practice in the intervening years.
The Report discusses security interest opinions generally, explains limitations in the scope of such opinions, and addresses attachment, perfection and priority opinions specifically. Sample formulations of opinions and qualifications are included, as is a sample annotated security interest opinion. Prior to publication, the Report was reviewed by the Section’s Opinions Committee and other nationally recognized experts in the area of opinions practice.’