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.