Maine Revised Statutes Title 20-A Sec. 11406 – Loans to minors
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Terms Used In Maine Revised Statutes Title 20-A Sec. 11406
- 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 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 1989, c. 698, §13 (RPR); PL 1989, c. 698, §76 (AFF).]
SECTION HISTORY
PL 1981, c. 693, §§5,8 (NEW). PL 1983, c. 806, §83 (AMD). PL 1989, c. 698, §13 (RPR).