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.
Ark. Code Ann. § 23-47-509
Loans to minors
Acts 1997, No. 89, § 1.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.