6. Law

1.1       Covered Law

When a closing opinion states that an opinion covers the law of a specific jurisdiction or particular laws, the opinion covers no other law or laws.

1.2       Applicable Law

An opinion on the law of a jurisdiction covers only the law of that jurisdiction that lawyers practicing in the jurisdiction, exercising customary diligence, would reasonably recognize as being applicable to the client or the transaction that is the subject of the opinion.  Even when recognized as being applicable, some laws (for example, securities, tax and insolvency laws) are not covered by a closing opinion.  A closing opinion also does not cover municipal and other local law.  An opinion may, however, cover law that would not otherwise be covered if the closing opinion does so expressly. [1]

[1] See infra Section 10 (Varying Customary Practice).