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Exhibits 5.1
September 11, 2000
Household Receivables Funding, Inc. III
Household Credit Card Master Note Trust I
1111 Town Center Drive
Las Vegas, Nevada 89134
Gentlemen:
I am the Vice President-Corporate Law and Assistant Secretary of Household
International, Inc., a Delaware corporation ("Household"), the ultimate parent
corporation of Household Finance Corporation (the "Servicer"), and an Affiliate
of Household Receivables Funding, Inc. III (the "Seller") and the Household
Credit Card Master Note Trust I (the "Trust"). I am generally familiar with the
proceedings in connection with the Seller's and the Trust's Registration
Statement on Form S-3, file nos. 333-38036 and 333-38036-01, as amended (the
"Registration Statement") pursuant to which Asset Backed Notes (the "Notes") are
to be registered for issuance from time to time in series by the Trust. This
opinion relates to the issuance by the Trust of the Notes to be sold from time
to time in one or more series in amounts to be determined at the time of each
sale and as will be set forth in one or more supplements (each, a "Prospectus
Supplement") to the prospectus (the "Prospectus") included in the Registration
Statement.
As described in the Registration Statement, the Notes will be issued by the
Trust. The Trust will be a common law trust created under the laws of the State
of Delaware. The Trust will be operated under a trust agreement between the
Seller, as transferor, and Wilmington Trust Company, as owner trustee. The
Servicer will act as administrator for the Trust under an administration
agreement between the Servicer and the Trust. The Servicer, as administrator,
will provide the notices and perform on behalf of the Trust certain
administrative obligations required by the Transfer and Servicing Agreement, the
Indenture and the Indenture Supplement. A form of the Indenture, the Indenture
Supplement, Trust Agreement, Transfer and Servicing Agreement and Administration
Agreement is included as an exhibit to the Registration Statement.
I am, or attorneys under my supervision are, familiar with the proceedings
to date with respect to the Registration Statement and have examined such
records, documents and matters of law and satisfied myself as to such matters of
fact as I have considered relevant for the purposes of this opinion.
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Household Receivables Funding, Inc. III
September 11, 2000
Page 2
Based on the foregoing, it is my opinion that the Notes will be fully paid
and non-assessable, legally and validly issued and will be legal and binding
obligations of the Trust, when the following have occurred:
1) the Registration Statement shall have been declared effective by the
Commission under the Securities Act of 1933, as amended (the "Act"),
2) the Transfer and Servicing Agreement relating to the Notes shall be
duly executed and delivered by the parties thereto,
3) the Notes shall have been duly authenticated by the Trustee in
accordance with the Indenture and Indenture Supplement, and delivered
by the Seller in accordance with the Underwriting Agreement among the
HFC, the Seller, the Trust and the Underwriters named therein (the
"Underwriting Agreement"), and
4) the Seller shall have received the agreed purchase price for the Notes
in accordance with the Underwriting Agreement.
In giving the opinions expressed herein, I express no opinion other than as
to the laws of the State of Illinois, the general corporation law of the States
of Delaware and New York and the federal laws of the United States.
I do not find it necessary for the purposes of this opinion, and
accordingly do not purport to cover herein, the application of the "Blue Sky" or
securities laws of the various states to sale of the Notes.
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Household Receivables Funding, Inc. III
September 11, 2000
Page 3
I hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and the use of my name and my opinion in the Prospectus
filed pursuant to Regulation C of the Act, in connection with the Registration
Statement, including any references to my opinions set forth in the documents
incorporated by reference therein. In giving such consent I do not admit that I
am in the category of persons whose consent is required under Section 7 of the
Act or the rules and regulations of the Commission thereunder.
Very truly yours,
/s/ John W. Blenke
John W. Blenke
Vice President-Corporate Law
and Assistant Secretary
