Maine Revised Statutes Title 20-A Sec. 11462 – Loans to minors
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Terms Used In Maine Revised Statutes Title 20-A Sec. 11462
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Notwithstanding any other law, if the borrower on a loan made or insured under this program is a minor, an otherwise valid note or other written agreement executed by the borrower for the purpose of the loan creates a binding obligation. [PL 1991, c. 824, Pt. A, §35 (NEW).]
SECTION HISTORY
PL 1991, c. 824, §A35 (NEW).