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Credit bill format for Sales

hey guys welcome to this video my name is john watts i'm a consumer protection lawyer i want us to look at a bill of cell and assignment now some of these are longer some are short like this but most all of these are only one page long so this happens to come from a calvary and citibank bill of cell but they'll be very similar so you'll see this when you've been sued by debt buyer and they typically will attach this type of document this bill of cell to the lawsuit so what does it mean because they say this is the proof this is all that's needed to show that yes we the debt buyer calvary in this particular case could be midland portfolio jefferson capital but we bought the debt so this first paragraph just tells you okay bill of sale assignment dated october 25th is by citibank and then we have it going over to calvary spv1 llc okay so that doesn't tell us a whole lot but it says for value received and subject to the terms and conditions terms and conditions of what of the master purchase and sell agreement okay whatever that is the sell of these accounts is subject to the terms and conditions of that purchase agreement dated february 18 and then there's an addendum dated february 21 and it's actually the second addendum or addition to the document between the buyer and the bank and then it says a bank transfer sales assign conveys grants bargain sets over delivers to the buyer the things described in exhibit one okay so what does this prove well this proves that supposedly citibank and this debt buyer exchanged something but what are the terms and conditions of that well we don't know unless we look at this master purchase and sell agreement and the addendum which they collectively call just the agreement then we would know those terms and conditions so is one of the terms and conditions that there's no representation made of the accuracy of the information being sold by the bank to the debt buyer well maybe maybe not now if we're in trial and they don't have the purchase agreement the lawyer will say absolutely not judge that's not one of the terms and then you know usually the judges know what's going on they say so have you seen the agreement well no no but i'm just pretty sure it doesn't have that i mean why would it have that well the reason it would have that is because you bought a hundred million dollars worth of debt for five million dollars so maybe they're selling you a bunch of junk maybe they're they are very careless with their record keeping maybe this debt's not collectible maybe it's deeply flawed in some way i mean think about it if somebody says here is a hundred thousand dollar what mercedes bmw whatever it is and i'm gonna sell it to you for five thousand dollars say wait a minute something's gotta be wrong with that okay you know here's a brand new apple watch for what would the equivalent be like ten dollars or something you say there's gotta be something wrong with this and so you know we want to know we have to know what are those terms and conditions maybe the terms and conditions say you are only buying the right to collect the money but not the ability to file suit in your own name well that would be important because citibank is not suing us it's this debt buyer suing us so again this goes with the past few videos we've had about the purchase agreement and why we need it i just wanted you to see just a sample bill of cell and assignment and the fact that they say this is enough now the next page will be kind of a redacted spreadsheet that they say well this has your information on it okay well maybe it does but what did you buy okay they go well we've got the spreadsheet that proves it we've got the statements well if i print it out i've got the spreadsheet i've got the statements what does that prove it proves that i have the spreadsheet and the statement doesn't prove anything else okay so again we have to see the purchase agreement and when these guys this is a position i've taken for i don't know 15 years now in court is when they won't produce this at trial they lose because they have no true proof as to what they bought because we have to look at as we've talked about before the best evidence of what they bought is the actual purchase agreement not this exhibit or this piece of the purchase agreement called the bill of cell we need the actual agreement so we've talked in other videos about the completeness doctrine hey if you have one page you got to produce the rest of the document okay and the best evidence rule that hey the best evidence is the actual purchase agreement it's not somebody doing an affidavit say well let me tell you what that purchase agreement says i promise you everything's fantastic for us the debt buyer yeah we don't have to trust some person that you know signs 200 affidavits a day okay we can say we'll look at the purchase agreement ourselves and that's what i believe judges should do and in my experience you know handling these cases trying these cases in alabama that's at least what our judges do in alabama so i hope that that's helpful to you and if you like this video feel free to subscribe and make sure you get our new ones we've been a little bit kind of random here the last few days about when these get posted that's mainly because i'm very behind so i am cranking this out on whatever today is the 30th at like 5 45 p.m so uh but we'll get back in the sink of things and we'll have these go up in the morning and appreciate you guys subscribing to the channel commenting liking the video sharing the video and hope you find it helpful and i'll talk to you tomorrow okay have a good one bye