The Delaware Court of Chancery ruled for the first time on Thursday that residual trust benefit owners are to run securitized trusts in noteholders’ best interests, affecting multiple pending cases involving the same group of trusts.

The 191-page memorandum opinion written by Vice Chancellor Joseph R. Slights III addressed two issues of first impression and 143 competing requests for declaratory relief involving the National Collegiate Student Loan Trusts, a group of 15 Delaware statutory trusts which hold student loans valued at about $15 billion.

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