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The Trust Indenture Act, enacted in 1939, emerged from New Deal securities legislation following the 1929 stock market crash. It mandates enhanced protections for bondholders and outlines issuer behavior towards them. A key feature is the requirement for an independent trustee, free from conflicts of interest, to oversee interactions between the company and its debt stakeholders. Recently, the Act has been increasingly influential in restructurings, serving as a strategic tool for creditors in negotiations with debtors, reflecting a shift in the dynamics of these financial interactions.