8.01-278 - When plea of infancy not allowed; liability of infants for debts as traders; liability of infants on loans to defray expenses of education. - Virginia Statutes

§ 8.01-278. When plea of infancy not allowed; liability of infants for debtsas traders; liability of infants on loans to defray expenses of education.

A. If any minor now transacting business or who may hereafter transactbusiness as a trader fails to disclose (i) by a sign in letters easy to beread, kept conspicuously posted at the place wherein such business istransacted and (ii) also by a notice published for two weeks in a newspapermeeting the requirements of § 8.01-324, the fact that he is a minor, allproperty, stock, and choses in action acquired or used in such business shallas to the creditors of any such person be liable for the debts of suchperson, and no plea of infancy shall be allowed.

B. If any minor shall procure a loan upon the representation in writing thatthe proceeds thereof are to be expended by such minor to defray any or allexpenses incurred by reason of attendance at an institution of highereducation, which has been approved by any regional accrediting associationwhich is approved by the United States Office of Education, or by reason ofattendance at any school eligible for the guarantee of the State EducationAssistance Authority, such minor shall be liable for the repayment thereof asthough he were an adult, and no plea of infancy shall be allowed.

(Code 1950, §§ 8-135, 8-135.1; 1960, c. 78; 1970, c. 7; 1977, c. 617.)