After months of repeated legal challenges, Union Acceptance Corp.'s bankruptcy proceedings managed to strum a chord in MBIA's favor last week. The monoline achieved the servicing transfer it sought for a billion-plus dollars worth of Union's auto receivables.

The U.S. Southern District Bankruptcy Court of Indiana hear-ing the case granted Union's (UAC) servicing platform, and the rights to service $1.8 billion of securitized auto receivables, to Systems & Services Technologies Inc (SST) a wholly owned subsidiary of JPMorgan Chase Bank.

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