Whenever a minor borrows money from a bank for the purpose of defraying the expenses of his or her higher education or for necessaries, any contract, promissory note, loan agreement, or other loan instrument entered into by and between the bank and the minor shall constitute a valid contract between the bank and the minor and shall be binding upon the minor with like effect as if he or she were of full age and legal capacity.
Section: Previous 23-47-502 23-47-503 23-47-504 23-47-505 23-47-506 23-47-507 23-47-508 23-47-509 23-47-510 NextLast modified: November 15, 2016