Abstract
Many state bars and other professional groups have provided reports on opinion practices, including reports related to opinions on matters governed by the Uniform Commercial Code (U.C.C.). Although the Delaware State Bar Association has not yet produced such a report, a recent report written by three national lawyer associations, and approved by a fourth, can be valuable to lawyers in Delaware who issue opinions in Delaware commercial real estate transactions.
The report on Uniform Commercial Code Opinions in Real Estate Finance Transactions (the “U.C.C. Report”) is a joint project of the American Bar Association Section of Real Property, Trust and Estate Law’s Committee on Legal Opinions in Real Estate Transactions, the American College of Real Estate Lawyers Attorneys’ Opinions Committee, and the American College of Mortgage Attorneys’ Opinions Committee.1 The American College of Commercial Finance Lawyers also reviewed and approved the report. The U.C.C. Report intends to give guidance to lawyers serving as borrowers’ counsel in mortgage loan transactions, but the extensive background material and guidance in the U.C.C. Report are useful to all lawyers involved in the opinion process.