MS Structured Tile Series 2006-1 10-K

Exhibit
31.2



Servicer
Compliance Statement (U.S. Bank National Association)









| | Global
    Corporate Trust          
| | ------------------------------------
| | 190
    S. LaSalle Street, 7th Floor
| | MK-IL-SL7C
    
Chicago, IL 60603   
| |                                     
| | usbank.com                          



ABS
ANNUAL REPORT BACKUP CERTIFICATION



Reference
is made to the Trust Agreement, between MS Structured Asset Corp., as Depositor and U.S. Bank National Association, as Trustee,
as successor-in-interest to Bank of America, National Association, as Trustee, as successor by merger to LaSalle Bank National
Association, as Trustee, for TILES Trust No. 2006-1, dated February 15, 2006, together with Schedules I, II and III attached thereto,
and the Standard Terms for Trust Agreements, between MS Structured Asset Corp., as Depositor and U.S. Bank National Association,
as Trustee, as successor-in-interest to Bank of America, National Association, as Trustee, as successor by merger to LaSalle Bank
National Association, as Trustee dated March 5, 2003. Capitalized terms used herein and not defined shall have the meanings
defined in the Trust Agreement and the Standard Terms for Trust Agreements.



In
connection with the preparation and delivery of the annual report on Form 10-K of MS Structured Asset Corp. on behalf of TILES
Trust No. 2006-1 for the fiscal year ending December 31, 2023 (“Fiscal Year”) and the certifications given by Joshua
Schanzer with respect thereto, the undersigned hereby certifies that she is a duly elected Senior Vice President of U.S. Bank
National Association (the “Trustee”) and further certifies in her capacity as such as follows:



| | 1. | U.S.
                                         Bank National Association has prepared all reports to Unitholders with respect to each
                                         distribution date for TILES Trust No. 2006-1 and, if permitted under the applicable rules
                                         and regulations of the Securities Exchange Commission and the procedures with respect
                                         thereto that have been mutually agreed upon by MS Structured Asset Corp. and U.S. Bank
                                         National Association, has filed a copy of such reports on Form 10-D for the months listed
                                         on Exhibit A hereto;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | I
                                         (or officers under my supervision) have reviewed the reports on Form 10-D containing
                                         the reports to Unitholders included on Exhibit A filed in respect of periods included
                                         in the Fiscal Year covered by the annual report of MS Structured Asset Corp. on behalf
                                         of TILES Trust No. 2006-1;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | I
                                         am familiar with the operations of U.S. Bank National Association with respect to the
                                         TILES Trust No. 2006-1 and the requirements imposed by the Trust Agreement;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | Based
                                         on my knowledge, the information in the reports to Unitholders, 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 date that the distribution information
                                         was filed on Form 10-D;
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Based
                                         on my knowledge, the information required to be provided under the Trust Agreement, for
                                         inclusion in the reports to Unitholders, is included in the reports to Unitholders;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | Based
                                         on my knowledge, and except as disclosed in the reports to Unitholders, the Trustee has
                                         fulfilled its obligations under the Trust Agreement in all material respects;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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                                         Trust No. 2006-1
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                                         ANNUAL REPORT BACKUP CERTIFICATION
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| | 7. | Based
                                         on my knowledge, and except as disclosed in the reports to Unitholders, there are no
                                         material legal proceedings with respect to the trust, involving the trust or U.S. Bank
                                         National Association as Trustee.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | U.S.
    Bank National Association, as Trustee |                           
| | ---------------------------------------------- | --------------------------
| |                                                |                           
| | By:                                            | /s/ Kimberly
    O. Jacobs
| | Name:                                          | Kimberly
    O. Jacobs    
| | Title:                                         | Senior
    Vice President 
| | Date:                                          | March
    1 , 2024        









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Exhibit
A



|TILES
                                         Trust No.: | Closing
                                         Date      | Payment
                                         Dates                                | Form
                                         10-D Filing Dates                      
|--------------------------------------------------------- | ---------------------------------------------------------- | ------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------
|2006-1                                                    | February
                                         15, 2006 | Feb
                                         15, 2023
        August
        15, 2023 | Feb
                                         22, 2023
        August
        18, 2023





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        ANNUAL REPORT BACKUP CERTIFICATION
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