Vermont Statutes Title 8 Sec. 3470
Terms Used In Vermont Statutes Title 8 Sec. 3470
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
- said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
§ 3470. Mortgage loans to minors
An insurer is hereby authorized to make loans secured by a mortgage on real estate to a husband and wife where either or both is a minor 18 years old or over and where said real estate is to be used as a home by said husband and wife, subject to statutory conditions relating to such insurer, and may make any contract relating thereto with such minor. Such minors may be legally bound to the full performance of such mortgage and notes and contracts relating thereto without right of rescission because of their minority. The minority of such minor shall not be a defense nor a material issue in any civil action in which such mortgage or contract is material. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 6).)