SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest Event

Reported): June 11, 2007

Merrill Auto Trust Securitization 2007-1 (Issuing Entity)

ML Asset Backed Corporation (Depositor)

(Exact name of registrant as specified in its charter)

Delaware	333-139130	13-3891329
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification No.)


Four World Financial Center, North Tower
New York, New York		10800
(Address of Principal		(Zip Code)
Executive Offices)

Registrant’s telephone number, including area code (212)-449-0336

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR240.14a-12(b))

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c))

Item 9.01. Financial Statements, Pro Forma Financial

Information and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c)

Exhibits:

5.1	Legality Opinion of Sidley Austin LLP.

8.1	Tax Opinion of Sidley Austin LLP.

23.1	Consent of Sidley Austin LLP (included in Exhibits 5.1 and 8.1).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ML ASSET BACKED CORPORATION

	By:	/s/ Theodore F. Breck
		Name: Theodore F. Breck
		Title: Authorized Signatory

Dated: June 14, 2007

Exhibit Index

Exhibit

No. Description of Exhibit

5.1 Legality Opinion of Sidley Austin LLP.

8.1 Tax Opinion of Sidley Austin LLP.

23.1 Consent of Sidley Austin LLP (included in Exhibits 5.1 and 8.1).

Merrill Auto Trust Securitization 2007-1 8-K