Legal opinion

kalpana (Querist) 08 June 2012 This query is : Resolved
many banks and other institutions seek legal opinion from advocates with regard to certain issues. is it binding on them should they act on it or can they ignore the opinion. is the advocate liable for giving a legal opinion to his client if he has not acted on it.

Follow Query

Report Abuse

Guest (Expert) 08 June 2012
If the advocate is paid his agreed fee he is obliged to give legal opinion on asking. However, discretion of the client cannot be challenged. There is no binding for the client to act upon the advice or opinion of the advocate. The client banker can justify on record for the purpose of inspection/ audit as to why he does not consider proper to act upon the advice/ opinion of the advocate.

R.K Nanda (Expert) 08 June 2012
It is not binding on the client.

J K Agrawal (Expert) 09 June 2012
Advocate also not bind to give advice but he is responsible for consequences as per law of contract.

M V Gupta (Expert) 09 June 2012
On certain minor issues banks may ask for Advocates opinion to be furnished by the customer. But on major issues the Banks will consult their own advocates/Solicitors. They may or may not accept the Advocates opinion furnished by the customer from his
advocate.

K.K.Ganguly (Expert) 09 June 2012
Banks may ask for legal opinion from any Advocate who has been paid for giving the said opinion. However, the Bank is not bound to accept the said opinion. As per usual procedure, the concerned person who is declining the legal opinion given by the Advocate, leaves a note on the record giving reasons for such declination.