![]() That publication includes a Foreword, a Legal Opinion Accord (hereinafter referred to as the "Accord"), Commentary, an Illustrative Opinion Letter and Guidelines. The Third-Party Legal Opinion Report of the Section of Business Law, 57 The Business Lawyer 167 (1991), republished at 29 Real Property, Probate and Trust Law Journal 487 (1994). In addition, in an effort to achieve national uniformity, the Section of Business Law of the American Bar Association in 1991 completed its two-year project on business law opinion letters by publishing a work product which is comparable both in format and in objective to the 1985 Preliminary Draft. In fact, excellent products have been published since 1985 by Bar Associations in more than twenty states. The Committee is pleased that its 1985 Preliminary Draft has contributed to the dialogue of lawyers throughout the country on the subject of opinion letters in mortgage loan transactions. It follows-and the Committee recommends that it should be deemed to supersede-the prior product of the Committee: Preliminary Draft of a Statement of Policy Regarding Lawyers’ Opinion Letters in Mortgage Loan Transactions, 23 State Bar Newsletter for Real Estate, Probate and Trust Laws, No. 2 (January 1985) (hereinafter referred to as the "1985 Preliminary Draft"). This 1996 Texas Supplement Regarding Lawyers’ Opinion Letters in Mortgage Loan Transactions (hereinafter referred to as this "Texas Supplement") is presented by the State Bar of Texas Committee on Lawyers’ Opinion Letters in Mortgage Loan Transactions (hereinafter referred to as the "Committee" or "this Committee"), as a supplement to the Accord and the Report which are described below. "Texas Business Law Report": the 1992 publication, supplemented in 1994, by the Business Law Section of the State Bar of Texas "1985 Preliminary Draft": the 1985 publication of this Committee "Texas Supplement": this 1996 Texas Supplement Regarding Lawyers’ Opinion Letters in Mortgage Loan Transactions "Report": the Report on Adaptation of the Legal Opinion Accord published in 1994 by the Joint Drafting Committee of the Section of Real Property, Probate and Trust Law of the American Bar Association and the American College of Real Estate Lawyers ![]() "Accord": the Legal Opinion Accord published in 1991 by the Section of Business Law of the American Bar Association QUICK INDEX OF BAR ASSOCIATION PUBLICATIONS REFERENCED IN THIS TEXAS SUPPLEMENT (SEE THE PREFACE FOR FURTHER DESCRIPTIONS) STANDARDS FOR ASSURANCES REGARDING THE CLIENT Recommendation of an Express Usury Opinionħ.4. Potential Additions to Paragraph 5 of the Opinion Letterħ.2. Potential Addition to Paragraph 4 of the Opinion LetterĦ.2. POTENTIAL ADDITIONAL ASSURANCES OR ANALYSESĦ.1. ![]() Interpretations of the Recommended AssuranceĦ. The Form of Assurance Recommended by This Texas SupplementĤ.4. ![]() "Practical Realization": Revisited But Not RecommendedĤ.3. RECOMMENDATION OF A GENERIC QUALIFICATION AND ASSURANCEĤ.2. SAMPLE OPINION LETTER DEFINITIONS INCORPORATED PROVISIONSĤ. RECOMMENDATION: ADOPTION OF THE ACCORD AND THE REPORTģ. ![]()
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