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Can you summarize KYRS 286.3-385?
Banks and Trust Companies > Educational loans to minors -- Validity.
Short Summary
This legal document, found in the Kentucky Revised Statutes under the Kentucky Financial Services Code, pertains to the validity of educational loans to minors. It states that the disabilities of nonage of minors are removed for the purpose of borrowing money from a state or national bank for their own higher educational purposes. Minors are authorized to make and execute promissory notes, contracts, or other instruments necessary to borrow money for their higher education. These instruments have the same force and effect as if they were the obligations of persons over the age of majority. The approval of the parent or guardian of the minor and the financial officer of the institution of higher learning is required for any promissory note, contract, or other instrument entered into by the minor. The document was created in 1964 and amended in 1998.
Whom does it apply to?
Minors who want to borrow money from a state or national bank for their own higher educational purposes
What does it govern?
Educational loans to minors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky