Sample California Third-Party Legal Opinion Letter for Personal Property Secured Financing Transactions

The UCC Opinion is based primarily on the sample opinion letter for an unsecured loan transaction1 and the sample opinion letter addressing only personal property security interests under the UCC.2 It is also rooted in the various opinion reports of the Business Law Section and other professional associations-for example, the American Bar Association's Section of Business Law and the TriBar Opinion Committee- certain of which are listed in footnote 3.3 Note: Although the UCC Opinion summarizes certain basics of legal opinion practice, it does not restate in full the general principles of legal opinion practice, such as the definition and purpose of a legal opinion, the legal standards applicable to the preparation of a closing opinion, and the customary diligence undertaken in the preparation of an opinion letter. UCC Sample Opinion Reporter and Contributors Reporter: Peter S. Szurley Opinions Committee Reviewing Members: Kenneth J. Carl Peter H. Carson James F. Fotenos Richard N. Frasch Jerome A. Grossman Timothy G. Hoxie John B. Power Steven O. Weise Additional Contributors: John R. Engel Jenny Park Garner Robert Gillison John M. Jameson Anward Kim Li Manley W. Roberts D.C. Toedt Edith Warkentine 2019-20 Opinions Committee Members 2019-20 Opinions Committee Steering Committee: Kenneth J. Carl, Co-Chair Douglas F. Landrum, Co-Chair Carol K. Lucas, Vice Chair, Communications Richard N. Frasch, Vice Chair, Social Media Kimberly Chi, Secretary Herbert P. Fockler James F. Fotenos Jerome A. Grossman Timothy G. Hoxie Moshe J. Kupietzky John B. Power Peter S. Szurley Steven O. Weise Other Opinions Committee Members: Jodie Bourdet Peter H. Carson James S. Cochran Linda Curtis Nelson D. Crandall Ethan J. Falk Christopher Forrester Norman A. Futami Robert J. Gloistein Thomas Klaus Gump John M. Jameson David Johnson Gary B. Kaplan Kenneth A. Linhares Gregg J. Loubier Sean A. Monroe Peter S. Muñoz E.A. Stacy Olliff III Sarah P. Payne Laurence G. Preble Cherie S. Raidy Bradley J. Rock James Rosenhauer Jeffrey E. Sultan Ann Walker Suzanne L. Weakley Benzion "Benny" Westreich Nancy H. Wojtas Sample California Third-Party Legal Opinion Letter for Personal Property Secured Financing Transactions [Date]4 Tall Oaks Bank, N.A. 101 California Street San Francisco, CA 94111 Ladies and Gentlemen: We have acted as counsel to Spirit's Willing, Inc., a California corporation (the "Borrower"), and Flesh's Weak, LLC, a California limited liability company (the "Guarantor"), in conne