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In this video, consumer protection lawyer John Watts explains the importance of a bill of sale in the context of consumer debt lawsuits. These documents, which are typically only one page long, are attached to lawsuits by debt buyers as proof that they have purchased the debt in question. The bill of sale in this example is from Citibank to Calvary SPV1 LLC, demonstrating the transfer of the debt. The terms and conditions outlined in the document are crucial in understanding the transaction's details.
