Alabama Code 26-1-5. Age of majority for purposes of contracting with banks, credit unions, etc., for certain loans or accounts; requirements for members of Armed Forces

(a) Notwithstanding Section 26-1-1, the age of majority for the purposes of contracting for educational loans for college level education and above, within the State of Alabama, shall be 17 years of age.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Alabama Code 26-1-5

Contract: A legal written agreement that becomes binding when signed.
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1

(b) Notwithstanding Section 26-1-1, for purposes of contracting with a bank, credit union, or similar savings and loan institution, including obtaining a loan or opening a checking or savings account, a member of any branch of the Armed Forces of the United States shall be deemed to have attained the age of majority and shall be relieved of his or her disabilities of minority for that purpose, and he or she may continue to be deemed to have reached the age of majority even if he or she shall subsequently no longer be a member of the Armed Forces of the United States. A member of the Armed Forces of the United States who contracts with a bank, credit union, or similar savings and loan institution may not rescind, avoid, or repudiate the contract or rescind, avoid, or repudiate any exercise of a right or privilege under the contract solely on the basis of the member’s age, even if he or she subsequently is no longer a member of the Armed Forces of the United States. A member of the Armed Forces of the United States seeking to contract with a bank, credit union, or similar savings or loan institution pursuant to this subsection may be required to verify his or her membership in the Armed Forces of the United States by presenting in person a valid United States Uniformed Services Privileges and Identification Card.

Previous section

Next section

Chapter 1 Contents