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What Are the Two Types of Third-Party Endorsements

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What are the two types of third-party endorsements?

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Definitions:

Bailed Property

Property given to someone (bailee) for safekeeping under a bailment agreement, where the physical possession but not the ownership of the property is transferred.

Bailee

A person or entity temporarily in possession of property entrusted to them by the owner under a bailment agreement.

Car Wash

A facility or service where vehicles are cleaned and detailed, either manually or through an automated process.

Liability

The state of being legally responsible for something, especially in terms of debts or legal obligations.

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