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ARKANSAS STATUTES AND CODES
§ 23-47-509 - Loans to minors.
23-47-509. Loans to minors.
Whenever a minor borrows money from a bank for the purpose of defraying the expenses of his higher education or for necessaries, any contract, promissory note, loan agreement, or other loan instrument entered into by and between the bank and the minor shall constitute a valid contract between the bank and the minor and shall be binding upon the minor with like effect as if he were of full age and legal capacity.
Whenever a minor borrows money from a bank for the purpose of defraying the expenses of his higher education or for necessaries, any contract, promissory note, loan agreement, or other loan instrument entered into by and between the bank and the minor shall constitute a valid contract between the bank and the minor and shall be binding upon the minor with like effect as if he were of full age and legal capacity.
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