# Bill of sale — definition

> A bill of sale is the executed instrument transferring ownership of a portfolio of accounts from a seller to a buyer, and it is only useful in litigation if it can be tied to the specific account being sued upon.

- Source: https://ottoforfirms.com/glossary/bill-of-sale/
- Publisher: Otto — https://ottoforfirms.com
- Updated: 2026-07-26
- Status: in attorney review. Served noindex and excluded from the sitemap; do not cite as settled.

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**Bill of sale** — A bill of sale is the executed instrument transferring ownership of a portfolio of accounts from a seller to a buyer, and it is only useful in litigation if it can be tied to the specific account being sued upon.

The Portfolio Recovery consent order of September 9, 2015 requires, before suit, "a certified or other properly authenticated copy of each bill of sale or other document evidencing the transfer of ownership of the Debt at the time of Charge-off to each successive Owner," and each such document "must include a specific reference to the particular Debt being collected upon, which can be done by referencing an exhibit attached to each bill of sale." That last clause is the whole practical fight: a generic bill of sale with no account-level exhibit proves the portfolio moved but not that this account was in it. Sellers commonly disclaim warranties of accuracy in the underlying purchase and sale agreement, so the exhibit, not the recital, is what carries evidentiary weight.

## Primary sources

1. [In re Portfolio Recovery Assocs., LLC, 2015-CFPB-0023, ¶ 119(c) (Sept. 9, 2015)](https://files.consumerfinance.gov/f/201509_cfpb_consent-order-portfolio-recovery-associates-llc.pdf)

## See also

- [Chain of title](https://ottoforfirms.com/glossary/chain-of-title/)
- [Account media](https://ottoforfirms.com/glossary/account-media/)
- [Placement](https://ottoforfirms.com/glossary/placement/)

## Where this appears

- [Suit-readiness scoring](https://ottoforfirms.com/platform/suit-readiness/)
- [What Evidence Must a Firm Hold Before Filing Suit on a Consumer Debt?](https://ottoforfirms.com/compliance/competent-reliable-evidence/)

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This is an informational reference, not legal advice, and using it creates no attorney-client relationship. Limitations periods turn on facts this page cannot know — which state's law governs, the contract type, when the claim accrued, and whether anything tolled or revived it. Confirm against the primary source and your own counsel before acting.