LEHMAN ABS CORP BACKED TR CERT LIB MED DEB BCK SER 2001-32
Item 1A.  Risk Factors.       Not Applicable
Item 2.  Properties.       Not Applicable
Item 4.  Submission of Matters to a Vote of Security Holders.       None                                      PART II
Item 6.  Selected Financial Data.       Not Applicable
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.       Not Applicable
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.       None
Item 9B.  Other Information.       None                                          3                                      PART III
Item 11.   Executive Compensation.       Not Applicable
Item 13.  Certain Relationships and Related Transactions.       None
PART IV
(a) The following documents have been filed as part of this report.             1.   Trustee's Distribution Statements documented on Form 8-K                 regarding the distributions from the Trust to the                 certificateholders for the period from January 1, 2005 through                 and including December 31, 2005 have been filed with the                 Securities and Exchange Commission and are hereby incorporated                 by reference. Filing dates are listed below:        -------------------------------------------------------------------------                    Trust Description         Distribution Date         Filed on       -------------------------------------------------------------------------       Corporate Backed Trust Certificates,          02/01/2005       02/14/2005       Liberty Media Debenture-Backed Series         08/01/2005       08/11/2005       2001-32 Trust       -------------------------------------------------------------------------               2.  None.              3.  Exhibits:                  31.1 - Certification by Senior Vice President of the                 Registrant pursuant to 15 U.S.C. Section 7241, as adopted                 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                  31.2 - Annual Compliance Report by Trustee pursuant to 15                 U.S.C. Section 7241, as adopted pursuant to Section 302 of the                 Sarbanes-Oxley Act of 2002.        (b)  See Item 15(a) above.        (c)  Not Applicable.                                         4                                       SIGNATURE       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 thereunto duly authorized.                                  Lehman ABS Corporation, as Depositor for the                                 Trust (the "Registrant")    Dated:  March 27, 2006              By:   /s/ CHARLES M. WEAVER                                        ---------------------------------                                           Name:  Charles M. Weaver                                           Title:   Senior Vice President                                          5                                     EXHIBIT INDEX  Reference Number per Item 601 of                                                     Exhibit Number Regulation SK            Description of Exhibits              in this Form 10-K - -------------------------------------------------------------------------------  (31.1)                  Certification by Senior Vice                  31.1                          President of the Registrant                          pursuant to 15 U.S.C. Section                          7241, as adopted pursuant to                          Section 302 of the                          Sarbanes-Oxley Act of 2002.   (31.2)                  Annual Compliance Report by                   31.2                          Trustee pursuant to 15 U.S.C.                          Section 7241, as adopted                          pursuant to Section 302 of the                          Sarbanes-Oxley Act of 2002.                                          6    EX-31.1 2 efc6-0693_5818250ex311.txt                                                                     Exhibit 31.1                                   CERTIFICATION  I, Charles M. Weaver, certify that:  1. I have reviewed this annual report on Form 10-K in respect of the    Corporate Backed Trust Certificates, Liberty Media Debenture-Backed    Series 2001-32 Trust (the "Trust") and all reports on Form 8-K    containing distribution or servicing reports of the Trust filed in    respect of periods included in the year covered by this annual report of    the Trust;  2. Based on my knowledge, the information in these reports, taken as a    whole, does not contain any untrue statement of a material fact or omit    to state a material fact necessary to make the statements made, in light    of the circumstances under which such statements were made, not    misleading as of the last day of the period covered by this annual    report;  3. Based on my knowledge, the distribution or servicing information    required to be provided to the Depositor by the Trustee under the    pooling and servicing or similar agreement, for inclusion in these    reports is included in these reports; and  4. I am responsible for reviewing the activities performed by the Depositor    and the Trustee under the pooling and servicing or similar agreement and    based upon my knowledge and the annual compliance review required under    that agreement, and except as disclosed in the reports, the Depositor    and Trustee have each fulfilled its obligations under that agreement.  In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: U.S. Bank Trust National Association, as Trustee.  Date: March 27, 2006         /s/ CHARLES M. WEAVER - ----------------------------------------- Charles. M. Weaver, Senior Vice President      EX-31.2 3 efc6-0693_5818250ex312.txt                                                                     Exhibit 31.2                             ANNUAL COMPLIANCE REPORT        I, David J. Kolibachuk, being an officer of U.S. Bank Trust National Association, the Trustee in respect of the Corporate Backed Trust Certificates, Liberty Media Debenture-Backed Series 2001-32 Trust (the "Trust"), certify that:     1. I have reviewed this annual report on Form 10-K in respect of the Trust       and all reports on Form 8-K containing distribution or servicing reports       of the Trust filed by Lehman ABS Corporation in respect of periods       included in the year covered by this annual report of the Trust;     2. Based on my knowledge, the information in those reports, taken as a       whole, does not contain any untrue statement of a material fact or omit       to state a material fact necessary to make the statements made, in light       of the circumstances under which such statements were made, not       misleading as of the last day of the period covered by this annual       report;     3. Based on my knowledge, the distribution information required to be       provided to the Depositor or the certificateholders by the Trustee under       the pooling and servicing or similar agreement for inclusion in such       distribution reports is included in such reports; and     4. I am responsible for reviewing the activities performed by the Trustee       under the pooling and servicing or similar agreement and based on my       knowledge, except as disclosed in such reports, the Trustee has       fulfilled its obligations under that agreement.    Date: March 27, 2006         /s/ DAVID J. KOLIBACHUK - ----------------------------------- David J. Kolibachuk, Vice President       -----END PRIVACY-ENHANCED MESSAGE-----