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In this video, attorney John Watts discusses the bill of sale and assignment, commonly one-page documents used by debt buyers when lawsuits are filed against consumers. He focuses on a specific bill of sale from Citibank to Calvary SPV I LLC, which serves as proof that the debt has been transferred. Watts explains that these documents are typically attached to lawsuits and outline the transfer of debt ownership. The initial paragraph identifies the parties involved and indicates an exchange of value, but lacks details on the specific terms and conditions referenced. Further exploration of these elements is likely to follow in the tutorial.