Supplement No. 2 to the Report of the Legal Opinions Committee Regarding Legal Opinions in Business Transactions

Since publication of the Business Law Section’s Report of the Legal Opinions Committee Regarding Legal Opinions in Business Transactions (June 1, 1992), by the Legal Opinions Committee of the Business Law Section (the “Committee”) of the State Bar of Texas, Articles 8 and 9 of the Texas Uniform Commercial Code (the “Texas UCC”), which deal with security interests in securities and other types of investment property, were amended effective September 1, 1995. The 1995 amendments introduced a number of new defined terms including the following new definition of investment property