Bill of Sale – Chase Bank to Midland Funding
Often times, Midland Funding, LLC relies upon documents to prove a lawsuit without really proving anything. The Bill of Sale below is commonly offered up as part of that “proof” of indebtedness.
Here’s what I understand by reading this document and this is just my opinion. Maybe I am wrong.
Chase Bank USA, N.A. and Midland Funding, LLC made an agreement on November 30, 2010 called the “Credit Card Account Purchase Agreement”. Under this agreement, Chase Bank periodically compiled files (like spreadsheets) listing accounts which they were assigning to Midland Funding, LLC. For each transaction, a “Bill of Sale” was generated as an Exhibit to that agreement which refers to these compiled data files, here referred to as accounts in the “Final Data File”. This ”File Creation Date” was February 9, 2011.
The document pretty much just says that some transaction took place that involved the sale of some unspecified accounts for some unspecified amount.
There is information on this document that is purposely omitted by Midland Funding before filing with the courts. This includes the Number of Accounts, Total Unpaid Balance, Premium, and Due Seller. Ultimately, the two companies do not wish to disclose the actual underlying financial transaction because then you would know that they purchased thousands of accounts for pennies on the dollar and sued you for the total amount and likely interest, court costs and attorneys fees on top of that.