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Qualifications
• Opinions typically include the following qualifications regarding
enforceability of a debtor’s obligations:
Insolvency laws regarding the enforcement of creditors’ rights and
other similar matters
Availability of equitable remedies, such as specific performance and
injunctive relief, in the court’s discretion
General equitable principles, including those related to potential
conduct of the lender, such as undue influence or estoppel
Any provision of the transaction documents that is illegal or
unenforceable, such as a provision that is inconsistent with the
applicable Personal Property Security Act
Limitations contained in the applicable Limitations Act
• Opinions generally also include qualifications specific to the
particular transaction, such as certain registrations of security that
were not made
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