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It reviews key developments in legal opinion letter practice, including the TriBar “Closing” Opinions reports and the American Bar Association Legal Opinion Accord, and explains why those frameworks require adaptation for real estate secured transactions. The report describes the creation of a new joint committee and the retention of a model mortgage loan opinion format with explanatory endnotes, addressing real-estate-specific 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is the purpose of the 1998 Mortgage Loan Opinion Report?","Question",{"text":109,"@type":110},"It provides a complete revision and restatement of the prior 1989 Mortgage Loan Opinion Report for use in commercial mortgage loan transactions.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"Why are the TriBar and Accord approaches not directly sufficient for real estate secured transactions?",{"text":114,"@type":110},"Their scope and customary format do not address many real-estate-specific opinion issues, so adaptation is required for appropriate coverage.",{"name":116,"@type":107,"acceptedAnswer":117},"What role does the ABA/ACREL Report play in the 1998 report’s discussion?",{"text":118,"@type":110},"It offers guidance for adapting the Legal Opinion Accord format to real estate secured transaction opinions, including enforceability (remedies) opinion 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York State Bar Association  \nReal Property Law Section  \nAttorney Opinion Letters Committee  \nJune 1,1998  \n1  \n# INTRODUCTION\n\nIn 1989,a committee composed of members of the Real Property Law Committee of theAssociation of the Bar of the City of New York and the Real Property Law Section of the New York StateBar Association prepared a Mortgage Loan Opinion Report (the \"1989 Report\")relating to legal opinionsin commercial mortgage loan transactions.The attached Mortgage Loan Opinion Report (the \"1998Report\")is a complete revision and restatement of the 1989 Report.  \nSince publication of the 1989 Report,a number of important developments haveoccurred in opinion letter practice.One of the most significant developments is the publication of areport entitled \"Third Party \"Closing\"Opinions\"by the TriBar Opinion Committee (the \"TriBar IReport\").²The TriBar Opinion Committee was formed more than twenty years ago and its membershipincludes representatives from the three largest New York bar associations as well as selected membersfrom outside of New York.Its reports are widely regarded as benchmarks of opinion letter custom andpractice.  \nAnother significant report is the Third Party Legal Opinion Report,Including the LegalOpinion Accord (the \"Accord\")published by the Section of Business Law of the American BarAssociation.³The Accord was intended to establish a national consensus regarding the purpose,formatand coverage of third party legal opinions.It includes definitions of certain terms,recommendedopinions,assumptions,exceptions,qualifications and guidelines for negotiations.The Accord was aproduct of significant effort by the Business Law Section and other groups,including representatives ofthe ABA Real Property,Probate &Trust Law Section.In a significant departure from customaryopinion practice,the Accord proposed a format which permitted the parties to adopt the Accord byreference,thereby including its definitions,limitations,exceptions and qualifications without requiringrepetition in the opinion.Perhaps because of its format,the Accord has not achieved the nationalconsensus which its sponsors sought.On the other hand,it is widely recognized for its scholarship andmany of its concepts are now a customary part of opinion letter practice.In addition to the TriBar ⅡReport and the Accord,many other thoughtful reports on opinion letter practice have been issued bystate and local bar association committees.A bibliography of selected reports is attached to this 1998Report.  \nAlthough the TriBar Ⅱ Report and the Accord cover many important opinion issues,theydo not address (and are not intended to address)opinions in real estate secured transactions.Withoutmodification,the Accord,by itself,is an inappropriate basis for an opinion in a real property securedtransaction.In order to adapt the Accord to include real estate opinion issues,a joint committeecomposed of members of the ABA Real Property,Probate &Trust Law Section and the AmericanCollege of Real Estate Lawyers published the \"Report on Adaptation of the Legal Opinion Accord ofthe Section of Business Law of the American Bar Association for Real Estate Secured Transactions\"(the \"ABA/ACREL Report\")⁴.The ABA/ACREL Report includes an extensive discussion of theenforceability opinion based on the Accord format.⁵If an opinion giver elects to follow the Accord,heor she should consult the ABA/ACREL Report for suggestions for adapting the Accord for real estatetransaction opinions.6  \nThe TriBar Ⅱ Report,the Accord,the ABA/ACREL Report and the reports issued byother state and local bar association committees have all influenced opinion letter practice.Accordingly,in response to these recent developments,a new Joint Opinions Committee (the  \n\"Committee\")was created by the Committee on Real Property Law of the Association of the B","cbCairHUDrQ7gaXv","https://ap.wps.com/l/cbCairHUDrQ7gaXv","pdf",4199793,54,"English","# INTRODUCTION\n## Background and 1989 Report revision\n## TriBar “Closing” Opinions and Legal Opinion Accord\n## Adaptation for real estate secured transactions\n## Creation of the 1998 Joint Opinions Committee","[{\"question\":\"What is the purpose of the 1998 Mortgage Loan Opinion Report?\",\"answer\":\"It provides a complete revision and restatement of the prior 1989 Mortgage Loan Opinion Report for use in commercial mortgage loan transactions.\"},{\"question\":\"Why are the TriBar and Accord approaches not directly sufficient for real estate secured transactions?\",\"answer\":\"Their scope and customary format do not address many real-estate-specific opinion issues, so adaptation is required for appropriate coverage.\"},{\"question\":\"What role does the ABA/ACREL Report play in the 1998 report’s discussion?\",\"answer\":\"It offers guidance for adapting the Legal Opinion Accord format to real estate secured transaction opinions, including enforceability (remedies) opinion considerations.\"}]","Mortgage Loan Opinion Report - Introduction | PDF",1789562129,19]