Checklist for reviewing a foreign law legal opinion


Produced in partnership with CMS
Checklists

Checklist for reviewing a foreign law legal opinion


Produced in partnership with CMS

Checklists
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When and why is a foreign law legal opinion needed?

A lender will require a foreign law legal opinion from lawyers in each relevant jurisdiction in the context of a cross-border loan transaction. For example, in the scenario where a transaction has a facility agreement and other finance documents governed by the laws of England and Wales, a borrower or other obligor incorporated in the British Virgin Islands (BVI) and certain security assets situated in Jersey, a lender will require a legal opinion from lawyers in each of England and Wales, the BVI and Jersey.

The main purposes of a legal opinion (whether foreign law or otherwise) are:

  1. •

    to confirm to the recipient of the legal consequences and effect of a document, transaction, or course of conduct (as relevant)

  2. •

    to satisfy the recipient that a lawyer has examined specified legal aspects of a transaction, and/or

  3. •

    to state conclusions of law as to the ability of a party to enter into and perform its obligations under a document

It should be noted

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Jurisdiction(s):
United Kingdom and Ireland

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