Oregon Statutes 348.105 – Loan obligations enforceable against minor
(1) As used in this section:
Terms Used In Oregon Statutes 348.105
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(a) ‘Educational institution’ means any post-secondary educational institution that is approved or accredited by the Northwest Commission on Colleges and Universities or its successor, by its regional equivalent or by the appropriate official, department or agency of the state or nation in which the institution is located, and that is:
(A) A four-year college or university;
(B) A junior college or community college; or
(C) A technical, professional or career school.
(b) ‘Educational loan’ means a loan or other aid or assistance for the purpose of furthering the obligor’s education at an educational institution.
(c) ‘Person’ means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity.
(2) Notwithstanding any other provision of law, any written obligation made by any minor in consideration of an educational loan received by the minor from any person shall be as valid and binding as if the minor had, at the time of making and executing the obligation, attained the age of majority, but only if prior to the making of the educational loan an educational institution has certified in writing to the person making the educational loan that the minor is enrolled, or has been accepted for enrollment, in the educational institution.
(3) Any obligation mentioned in subsection (2) of this section may be enforced in any action or proceeding against such person in the name of the person and shall be valid, insofar as the issue of age is concerned, without the consent thereto of the parent or guardian of such person. Such person may not disaffirm the obligation because of age nor may such person interpose in any action or proceeding arising out of the educational loan the defense that the borrower is, or was, at the time of making or executing the obligation, a minor.
(4) Any parent or legal guardian who did not consent to guarantee or otherwise ensure performance of the obligation mentioned in subsection (2) of this section is not liable for payment of such obligation. [Formerly 348.805; 1977 c.725 § 2; 1995 c.343 § 35; 2005 c.22 § 244; 2013 c.1 § 46]
[1991 c.947 § 16; 1993 c.765 § 51; 1999 c.704 § 10; 2001 c.599 § 4; 2011 c.637 § 139; repealed by 2001 c.599 § 8]
[1991 c.947 § 17; 2001 c.599 § 5; 2010 c.42 § 13; 2011 c.637 § 140; repealed by 2001 c.599 § 8]
[1987 c.896 24,28; 1993 c.45 § 283; renumbered 329.757 in 1993]
[1987 c.896 § 25; 1991 c.67 § 89; 1993 c.45 § 284; renumbered 329.765 in 1993]
[1987 c.896 § 26; 1989 c.159 § 1; renumbered 329.775 in 1993]
[1987 c.896 § 27; 1993 c.45 § 285; renumbered 329.780 in 1993]
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