In a recent argument before the Second Circuit, a three-judge panel heard oral argument related to class standing in the context of securitization cases.  Apart from the facts of that case, the panel also focused on the potential applicability of the Trust Indenture Act of 1939 (TIA) to all securitizations, not just those governed by an indenture.  This Second Circuit panel is focusing on whether the TIA applies to securitization deals that are governed by Pooling and Servicing Agreements (PSAs).  See “Second Circuit Appeal May Alter the Regulatory Landscape for Hedge Funds and Other Investors in Residential Mortgage-Backed Securities,” Hedge Fund Law Report, Vol. 7, No. 11 (Mar. 21, 2014).  If the Second Circuit decides this issue in the affirmative, corporate trustees in deals governed by PSAs, such as the defendant on this appeal, will be subject to heightened duties.  While the majority of the argument was spent on class standing, there are a few points to highlight on the TIA issue that were addressed at the argument.  This article highlights those points.  The authors of this article are Edmund M. O’Toole, partner-in-charge of the New York office of Venable LLP, and Kaveri B. Arora, an associate at Venable.