A true sale opinion is an attorney’s conclusion that transferred financial assets have been sold and are beyond the reach of a transferor’s creditors and that a court would conclude that the assets would not be included in the transferor’s bankruptcy estate. There are many considerations related to these types of opinions, perhaps most importantly is how they are evaluated and whether they can be relied on as evidence. In this course, we explore many of the burning questions as it relates to true sale opinions.

Learning Objectives
  • Recognize when a true sale opinion is generally required to be obtained.
  • Identify considerations regarding whether internal legal counsel can issue a true sale opinion.
  • Explore and list specific language that should not be included in a true sale opinion.
  • Recognize characteristics of a nonconsolidation opinion.
Last updated/reviewed: January 19, 2023
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
  Slides: True Sale Opinions - What You and Your Auditor Need to Consider (Text Based Course)PDF