All terms

Bill of sale

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.

See also

• Chain of titleChain of title is the documented, unbroken sequence of ownership transfers of a debt from the creditor at charge-off through each successive owner to the party now attempting to collect or sue.
• Account mediaAccount media is the underlying account-level documentation for a debt — the signed agreement, periodic statements, transaction history, and payment records — as distinct from the summary data fields that travel in a placement or sale file.
• PlacementA placement is the assignment of an account or a batch of accounts by a creditor or debt owner to a collections firm or agency for collection, under terms set by a placement agreement, without transferring ownership.

Where this appears

• Suit-readiness scoring
• What Evidence Must a Firm Hold Before Filing Suit on a Consumer Debt?

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.