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Yeah he did owe his soul to Davy. But in the end,
when Captain Jack got eaten by the Kraken,
Davy said "Now Jack's debt is repaid." or something
along the lines of that. Those words lifted the Black
Spot & hunt by the Kraken. Also, when the Kraken
killed Captain Jack, his soul was taken by the sea
[Davy=sea]. So yeah, they are squared.
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