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Can you summarize MNST 48.245?
BANKS > WAR VETERAN; MINORITY; CONTRACT FOR LOAN.
Short Summary
This legal document removes the disability of minority for war veterans and their minor spouses in connection with transactions related to guaranty or insurance under the Servicemen’s Readjustment Act of 1944, the National Housing Act, or the Defense Housing and Community Facilities and Services Act of 1951. The removal of this disability applies to all purposes in connection with such transactions, including incurring of indebtedness or obligations, acquiring, encumbering, selling, releasing, or conveying property or any interest therein, and litigating or settling controversies arising therefrom. The removal of disability is applicable if all or part of any obligations incident to such transaction are guaranteed or insured by the administrator of Veterans Affairs. It is important to note that this section does not impose any other or greater rights or liabilities than would exist if any such person were under no such disability.
Whom does it apply to?
War veterans and their minor spouses who are otherwise eligible for guaranty or insurance under the Servicemen's Readjustment Act of 1944, the National Housing Act, or the Defense Housing and Community Facilities and Services Act of 1951
What does it govern?
Removal of disability of minority for war veterans and their minor spouses in connection with transactions related to guaranty or insurance under specified acts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota