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In this video, consumer protection lawyer John Watts discusses the bill of sale and assignment commonly encountered in debt collection lawsuits. He emphasizes that these documents, often only one page, are frequently attached to lawsuits filed by debt buyers, such as Calvary or Citibank. The bill of sale acts as proof that the debt buyer has acquired the debt. Watts highlights that the document typically indicates the transfer of debt dated October 25th from Citibank to Calvary SPV1 LLC, noting the phrase "for value received" without elaborating further. He suggests that viewers should pay attention to the terms and conditions mentioned, which are outlined in the master purchase agreement.