N.Y. Education Law 281 – Loans and extensions of credit to infants
§ 281. Loans and extensions of credit to infants. A contract hereafter made by an infant after he has attained the age of sixteen years in relation to obtaining a loan or extension of credit from an institution of the university of the state of New York in connection with such infant's attendance upon a course of instruction offered by such institution, or from a bank, trust company or national bank having a principal, branch or trust office in this state for the purpose of defraying all or a portion of the expenses of such infant's attendance upon a course of instruction in an institution of the university of the state of New York or any other institution for higher education without this state which is a member of or accredited by an accrediting agency recognized by the department, may not be disaffirmed by him on the ground of infancy.
Terms Used In N.Y. Education Law 281
- Contract: A legal written agreement that becomes binding when signed.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC