QUALIFIED LEGAL OPINION
A legal opinion of
bond counsel, sometimes referred to as a “reasoned opinion,” that is conditional or otherwise subject to qualifications. A legal opinion generally is not considered to be qualified if it is subject to customary assumptions, limitations and qualifications or if the opinion is otherwise explained. In the
municipal securities market, legal opinions have traditionally been unqualified.
See: LEGAL OPINION. Compare: UNQUALIFIED LEGAL OPINION.