2014 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 5. INDUSTRIAL LOAN AND INVESTMENT COMPANIES CHAPTER 3. MINORS
Download as PDF
IC 28-5-3
Chapter 3. Minors
IC 28-5-3-1
Purchase of certificates of investment or indebtedness; no age
restriction
Sec. 1. All persons, regardless of age, may become purchasers of
instalment or fully paid certificates of investment or indebtedness
issued by any industrial loan and investment company organized
under the laws of this state. When any such certificate of investment
or indebtedness is purchased by or in the name of a person under the
age of eighteen (18) years any such certificate of investment or
indebtedness or interest credited in respect thereto may be paid to,
redeemed or withdrawn by such person by check, endorsement
receipt or other written instrument, which check, endorsement receipt
or other instrument in writing shall constitute a receipt or acquittance,
if the same is signed by such person, and shall be a valid release and
discharge to the industrial loan and investment company for all
payments, redemptions or withdrawals so made to the same extent as
if such person were eighteen (18) years of age.
(Formerly: Acts 1953, c.46, s.1; Acts 1973, P.L.280, SEC.9.)
IC 28-5-3-2
Loans; misrepresenting age; estoppel by representation
Sec. 2. When, in case of any loan made by any industrial loan and
investment company organized under the laws of this state, the
borrower or any other person furnishing security on behalf of the
borrower, shall, as an inducement to such industrial loan and
investment company to make the loan, represent to it, in writing, that
he or she is eighteen (18) years of age or older or otherwise make any
false statement or representation to any such industrial loan and
investment company, and such company is deceived, and the loan is
made in reliance upon such representation, neither the person so
representing nor any one in his or her behalf nor any person
otherwise legally liable to pay such loan, shall afterwards be allowed,
as against such industrial loan and investment company, to take
advantage of the fact that the person making the representation was
under eighteen (18) years of age, but each person shall be estopped
by such representation.
(Formerly: Acts 1953, c.46, s.2; Acts 1973, P.L.280, SEC.10.) As
amended by P.L.134-2001, SEC.15.
IC 28-5-3-3
Law applicable
Sec. 3. Payment of certificates as provided in section 1 of this
chapter shall be subject to the provisions set forth in IC 28-5-1-12.
(Formerly: Acts 1953, c.46, s.3.) As amended by P.L.263-1985,
SEC.158.
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
