Exhibit 25
      ___________________________________________________________________

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
                            -------------------------

                                    FORM T-1

                            STATEMENT OF ELIGIBILITY
                    UNDER THE TRUST INDENTURE ACT OF 1939 OF
                   A CORPORATION DESIGNATED TO ACT AS TRUSTEE
                   -------------------------------------------
               CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
                A TRUSTEE PURSUANT TO SECTION 305(b)(2)   X
                                                       -------

                    ----------------------------------------

                               JPMORGAN CHASE BANK
               (Exact name of trustee as specified in its charter)

New York                                                             13-4994650
(State of incorporation                                        (I.R.S. employer
if not a national bank)                                     identification No.)

270 Park Avenue
New York, New York                                                        10017
(Address of principal executive offices)                             (Zip Code)

                               William H. McDavid
                                 General Counsel
                                 270 Park Avenue
                            New York, New York 10017
                               Tel: (212) 270-2611
            (Name, address and telephone number of agent for service)
                  --------------------------------------------
                             Chesapeake Funding LLC
               (Exact name of obligor as specified in its charter)

Delaware                                                             51-0391968
(State or other jurisdiction of                                (I.R.S. employer
incorporation or organization)                              identification No.)
307 International Circle
Hunt Valley, Maryland                                                     21030
 (Address of principal executive offices)                            (Zip Code)

                  --------------------------------------------
                               Asset Backed Notes
       Series 2003-1 Floating Rate Callable Asset Backed Notes, Class A-1
       Series 2003-1 Floating Rate Callable Asset Backed Notes, Class A-2
                       (Title of the indenture securities)
                  --------------------------------------------

<PAGE>

                                     GENERAL

Item 1.   General Information.

          Furnish the following information as to the trustee:

          (a) Name and address of each examining or supervising authority to
which it is subject.

              New York State Banking Department, State House, Albany, New York
              12110.

              Board of Governors of the Federal Reserve System, Washington,
              D.C., 20551.

              Federal Reserve Bank of New York, District No. 2, 33 Liberty
              Street, New York, N.Y.

              Federal Deposit Insurance Corporation, Washington, D.C., 20429.


          (b) Whether it is authorized to exercise corporate trust powers.

              Yes.


Item 2.   Affiliations with the Obligor.

          If the obligor is an affiliate of the trustee, describe each such
affiliation.

          None.

                                      -1-

<PAGE>

Item 16.  List of Exhibits

          List  below  all  exhibits  filed  as a  part  of  this  Statement  of
Eligibility.

          1. A copy of the  Restated  Organization  Certificate  of the  Trustee
dated March 25, 1997 and the  Certificate  of Amendment  dated  October 22, 2001
(see Exhibit 1 to Form T-1 filed in connection with  Registration  Statement No.
333-76894, which is incorporated by reference.)

          2. A copy of the  Certificate  of Authority of the Trustee to Commence
Business  (see  Exhibit  2 to Form T-1  filed in  connection  with  Registration
Statement No.  33-50010,  which is incorporated  by reference).  On November 11,
2001,  in  connection  with the  merger of The Chase  Manhattan  Bank and Morgan
Guaranty  Trust  Company of New York,  the  surviving  corporation  was  renamed
JPMorgan Chase Bank.

          3. None,  authorization  to  exercise  corporate  trust  powers  being
contained in the documents identified above as Exhibits 1 and 2.

          4. A copy of the  existing  By-Laws of the Trustee  (see  Exhibit 4 to
Form T-1 filed in connection with Registration Statement No. 333-76894, which is
incorporated by reference).

          5. Not applicable.

          6. The  consent of the Trustee  required by Section  321(b) of the Act
(see Exhibit 6 to Form T-1 filed in connection with  Registration  Statement No.
33-50010,  which is  incorporated  by  reference).  On  November  11,  2001,  in
connection with the merger of The Chase Manhattan Bank and Morgan Guaranty Trust
Company of New York, the surviving corporation, was renamed JPMorgan Chase Bank.

          7. A copy of the latest report of condition of the Trustee,  published
pursuant to law or the requirements of its supervising or examining authority.

          8. Not applicable.

          9. Not applicable.

                                    SIGNATURE

          Pursuant to the  requirements  of the Trust  Indenture Act of 1939 the
Trustee,  JPMorgan  Chase Bank, a corporation  organized and existing  under the
laws of the State of New York,  has duly caused this statement of eligibility to
be signed on its behalf by the undersigned,  thereunto duly  authorized,  all in
the City of New York and State of New York, on the 28th day of July, 2003.

                                       JPMORGAN CHASE BANK

                                         By /s/ Wen Hao Wang
                                           -------------------------------------
                                           /s/  Wen Hao Wang
                                                Assistant Vice President

                                       -2-


<PAGE>

                              Exhibit 7 to Form T-1


                                Bank Call Notice

                             RESERVE DISTRICT NO. 2
                       CONSOLIDATED REPORT OF CONDITION OF

                               JPMorgan Chase Bank
                  of 270 Park Avenue, New York, New York 10017
                     and Foreign and Domestic Subsidiaries,
                     a member of the Federal Reserve System,

                    at the close of business March 31, 2003,
                  in accordance with a call made by the Federal
                  Reserve Bank of this District pursuant to the
                     provisions of the Federal Reserve Act.


                                                            Dollar Amounts
                     ASSETS                                      in Millions


Cash and balances due from depository institutions:
     Noninterest-bearing balances and
     currency and coin .....................................$21,415
     Interest-bearing balances .............................  6,882
Securities:
Held to maturity securities.................................    334
Available for sale securities............................... 80,076
Federal funds sold and securities purchased under
     agreements to resell ..................................
     Federal funds sold in domestic offices                  14,044
     Securities purchased under agreements to resell         73,060
Loans and lease financing receivables:
     Loans and leases held for sale......................... 25,832
     Loans and leases, net of unearned income              $161,345
     Less: Allowance for loan and lease losses                3,823
     Loans and leases, net of unearned income and
     allowance .............................................157,522
Trading Assets .............................................189,427
Premises and fixed assets (including capitalized leases)....  6,186
Other real estate owned.....................................    131
Investments in unconsolidated subsidiaries and
     associated companies...................................    691
Customers' liability to this bank on acceptances
     outstanding............................................    225
Intangible assets
        Goodwill............................................  2,180
        Other Intangible assets.............................  3,314
Other assets ............................................... 40,377
TOTAL ASSETS ............................................. $621,696
                                                           ========

<PAGE>


                                                     LIABILITIES
Deposits
     In domestic offices .........................        $174,351
     Noninterest-bearing .........................         $70,991
     Interest-bearing ............................         103,360
     In foreign offices, Edge and Agreement
     subsidiaries and IBF's ......................         125,789
     Noninterest-bearing..........................         $ 7,531
     Interest-bearing ............................         118,258

Federal funds purchased and securities sold under agree-
ments to repurchase:
     Federal funds purchased in domestic offices             5,929
     Securities sold under agreements to repurchase        113,903
Trading liabilities ..............................         116,329
Other borrowed money (includes mortgage indebtedness
     and obligations under capitalized leases)....          10,758
Bank's liability on acceptances executed and outstanding       225
Subordinated notes and debentures ................           8,306
Other liabilities ................................          29,735
TOTAL LIABILITIES ................................         585,325
Minority Interest in consolidated subsidiaries....              97

                                                     EQUITY CAPITAL

Perpetual preferred stock and related surplus.....               0
Common stock .....................................           1,785
Surplus  (exclude all surplus related to preferred
       stock).....................................          16,304
Retained earnings.................................          17,228
Accumulated other comprehensive income............             957
Other equity capital components...................               0
TOTAL EQUITY CAPITAL .............................          36,274
                                                         ---------
TOTAL LIABILITIES, MINORITY INTEREST, AND EQUITY CAPITAL  $621,696
                                                         ==========

I, Joseph L. Sclafani, E.V.P. & Controller of the
above-named bank, do hereby declare that this Report of
Condition has been prepared in conformance with the
instructions issued by the appropriate Federal regulatory
authority and is true to the best of my knowledge and
belief.

                                    JOSEPH L. SCLAFANI

We, the undersigned directors, attest to the correctness of
this Report of Condition and declare that it has been
examined by us, and to the best of our knowledge and belief
has been prepared in conformance with the instructions
issued by the appropriate Federal regulatory authority and
is true and correct.



                                    WILLIAM B. HARRISON, JR.    )
                                    HELENE L. KAPLAN            ) DIRECTORS
                                    WILLIAM H. GRAY, III        )