6.2 Legal Opinion

This topic provides systematic instructions about procedure to add external legal opinion.

Click Next in the Legal Opinion - Collateral Summary screen, the Legal Opinion data segment is displayed.

Figure 6-3 Legal Opinion

Description of "Figure 6-3 Legal Opinion "

To capture the Legal Opinion for the collateral:

1. Click the action icon in the collateral record and select Edit.
   The Legal Opinion - Configure - Collateral Type screen is displayed.

   Figure 6-4 Legal Opinion_Ship

   
   

   
   Description of "Figure 6-4 Legal Opinion_Ship"

   
   
2. Click Next and navigate to the Legal Opinion menu.

   Figure 6-5 Legal Opinion _Configure

   
   

   
   Description of "Figure 6-5 Legal Opinion _Configure"

   
   
3. Click the add icon in the Legal Opinion - Configure - Legal Opinion screen.
   The External Legal Opinion Details window is displayed.

   Figure 6-6 External Legal Opinion Details

   
   

   

   
   
4. Provide the external legal opinion details in the above screen.

   For more information on the fields, refer to the field description table below:

   Table 6-1 Common Details - Field Description

   Field	Description
   Construction Stage	Select the stage of construction from the drop down list. The options available are: Complete Under Construction
   Holding	Specify if the property is Freehold or Leasehold.
   Agency	Select the Agency from which the legal opinion is obtained.
   External Opinion Date	Specify the date on which the external legal opinion is captured.
   Date of Agreement	Specify the date of lease agreement.
   Registration Number	Specify the property Registration Number.
   Mortgage Created By	Select the bank or security trustee who created the mortgage. The available options are: Own Bank Others
   Type of Transaction	Specify whether the customer is New To Bank or Existing customer.
   Mortgage Creation	Select the Mortgage Creation as Fresh or Enhancement of existing mortgage value.
   Date of Mortgage	Specify the mortgage creation date.
   Type of Mortgage	Specify the type of mortgage as Equitable or Registered.
   Negative Lien	Specify whether negative lien is executed covering the collateral by selecting Yes or No from the drop down list.
   Title Deeds Custody	Specify the name of bank which is holding the title deeds.

   Table 6-2 NOC Details - Field Description

   Field	Description
   NOC to Mortgage received	Specify if NOC for creating mortgage is received. The available options are: Yes No Not Applicable
   NOC to Mortgage issued by	Specify the details of other participating lenders that issued the NOC to mortgage.
   Tripartite Agreement with Authority received	Specify if the tripertite Agreement is received from the authority. The available options are: Yes No Not Applicable
   Authority for Tripartite Agreement	Specify the authority which executed the tripartite agreement.
   Title Documents Submitted	Enable this flag, if the customer has submitted all the property related title documents to the Bank or security trustee.
   Empanelled Approval Done	Specify if empanelled approval is in place for deviation, if any section of the title documents is not submitted by the customer.
   Date of Title Search Report	Specify the date on which the bank obtained search report from the company secretory of the client.
   NOC Deviation	Provide details of deviation in obtaining NOC from other participating banks, if any.

   Table 6-3 Legal Audit - Field Description

   Field	Description
   Legal Audit Applicable	Enable this flag if legal audit is required for the collateral asset.
   Legal Audit Done	Enable this flag if legal audit is done.
   Date of Audit Report	Specify the date on which legal audit report is obtained.
   Next Legal Audit Due	Specify the next due date for legal audit.
   Deviations if any	Provide details of deviation in the legal audit as per Bank policy, if any.
   Remarks	Capture legal Remarks, if any.
   Legal Firm Opinion	Specify the Legal Firm Opinion.
   Final Recommendation	Capture the Final Recommendation for the collateral from the external legal firm.

5. Click Add in the External Legal Opinion Details window.
   The legal opinion details are added and displayed.

   Figure 6-7 Legal Opinion - Configure - Legal Opinion Added

   
   

   

   
   

   User can Edit, View, or Delete the added legal opinion detail by clicking the action icon and selecting the required option.

6. After capturing legal opinion details, click Next.
   The Legal Opinion - Configure - Questionnaire Evaluation screen is displayed.

   Figure 6-8 Legal Opinion_Questionnaire Evaluation

   
   

   
   Description of "Figure 6-8 Legal Opinion_Questionnaire Evaluation"

   
   

   Note:

   In the above screen, the questionnaires linked to the Legal Opinion stage in Business Process configuration are displayed. User can manage the questionnaire process linkage in Maintenance module.
7. Click Evaluate in any of the tile.
   The Questionnaire window is displayed.

   Figure 6-9 Questionnaire

   
   

   

   
   
8. Select answer for all the questions and click Submit.

   In case of multiple questions, the right arrow appears in the Questionnaire screen. Click the right arrow to view next question.

   Once the evaluation is completed, the system displays the overall score for evaluation in Questionnaire screen based on the score generated for each answer provided in the Questionnaire screen.

   User can click the Action icon in the tile and select Edit or Comment to modify the answers or capture comment for the evaluation, respectively.

9. After performing all the evaluation, click Submit.