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What Is an Unqualified Legal Opinion?

What Is An Unqualified Legal Opinion?

An unqualified legal opinion is a legal opinion issued by a bond counsel for the issuer of municipal securities where there are no reservations relating to the issue. A bond counsel is an attorney or law firm that represents municipal bondholders’ interests during a bond offering hired, usually by the issuer, to give the bond counsel opinion.

An unqualified legal opinion of bond counsel is frequently separated from a qualified opinion because it expresses a lesser degree of confidence by the bond counsel delivering the opinion.

A legal opinion is unqualified if it is subject to customary assumptions, limitations, and qualifications.

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