CARTER, LEDYARD & MILBURN
                       COUNSELLORS AT LAW
                          2 WALL STREET
                    NEW YORK, NEW YORK  10005


                       September 29, 1999



The Chase Manhattan Bank,
as Trustee of The First Trust Combined,
Series 272
4 New York Plaza, 6th Floor
New York, New York 10004-2413

Attention:     Mr. Paul J. Holland
               Vice President

            Re:  The First Trust Combined Series 272

Dear Sirs:

     We  are  acting  as  counsel for The  Chase  Manhattan  Bank
("Chase")  in  connection with the execution and  delivery  of  a
Trust Agreement (the "Trust Agreement") dated today's date (which
Trust  Agreement  incorporates by reference  a  certain  Standard
Terms  and  Conditions of Trust dated October 16, 1991,  and  the
same  are  collectively referred to herein as  the  "Indenture"),
among  Nike  Securities  L.P.  as  Depositor  (the  "Depositor"),
Securities  Evaluation Service, Inc., as Evaluator,  First  Trust
Advisors  L.P.,  as Portfolio Supervisor, and Chase,  as  Trustee
(the  "Trustee"), establishing the unit trust or trusts  included
in  The First Trust Combined Series 272(each, a "Trust"), and the
confirmation  by Chase, as Trustee under the Indenture,  that  it
has  registered  on  the  registration books  of  the  Trust  the
ownership by the Depositor of a number of units constituting  the
entire  interest in the Trust (such aggregate units being  herein
called  ("Units"), each of which represents an undivided interest
in  the  Trust,  which  consists of  tax-exempt  municipal  bonds
(including confirmations of contracts for the purchase of certain
bonds  not delivered and cash, cash equivalents or an irrevocable
letter of credit or a combination thereof, in the amount required
for  such  purchase upon the receipt of such bonds),  such  bonds
being  defined  in  the  Indenture as Bonds  and  listed  in  the
Schedule to the Indenture.


     We   have  examined  the  Indenture,  a  specimen   of   the
certificates  to  be issued thereunder (the "Certificates"),  the
Closing  Memorandum dated today's date, and such other  documents
as  we  have  deemed necessary in order to render  this  opinion.
Based on the foregoing, we are of the opinion that:

     1.    Chase  is  a  duly organized and existing  corporation
having the powers of a trust company under the laws of the  State
of New York.

     2.     The  Trust  Agreement  has  been  duly  executed  and
delivered  by Chase and, assuming due execution and  delivery  by
the  other  parties  thereto, constitutes the valid  and  legally
binding obligation of Chase.

     3.    The Certificates are in proper form for execution  and
delivery by Chase, as Trustee.

     4.    Chase,  as Trustee, has registered on the registration
books  of  the Trust the ownership of the Units by the Depositor.
Upon  receipt  of  confirmation  of  the  effectiveness  of   the
registration statement for the sale of the Units filed  with  the
Securities  and Exchange Commission under the Securities  Act  of
1933,  the  Trustee may deliver Certificates for such  Units,  in
such names and denominations as the Depositor may request, to  or
upon  the  order  of the Depositor, as provided  in  the  Closing
Memorandum.

     5.    Chase,  as Trustee, may lawfully advance to the  Trust
amounts   as  may  be  necessary  to  provide  periodic  interest
distributions of approximately equal amounts, and be  reimbursed,
without  interest,  for  any  such advances  from  funds  in  the
interest account, as provided in the Indenture.

     In  rendering the foregoing opinion, we have not considered,
among  other things, whether the Bonds have been duly  authorized
and delivered.

                                    Very truly yours,


                                    CARTER, LEDYARD & MILBURN