NY Gen Oblig L § 3-101 (2021)
2021 New York Laws GOB - General Obligations Article 3 - Capacity; Effect of Status or of Certain Relationships or Occupations Upon the Creation, Definition or Enforcement of Obligations Title 1 - Infancy 3-101 - When Contracts May Not Be Disaffirmed on Ground of Infancy.

§ 3-101. When  contracts  may not be disaffirmed on ground of infancy.   1. A contract  made  on  or  after  September  first,  nineteen  hundred   seventy-four by a person after he has attained the age of eighteen years   may not be disaffirmed by him on the ground of infancy.2.  A  contract  made  on  or after April thirteenth, nineteen hundred   forty-one, and before September first, nineteen hundred seventy-four, by   a person after he has attained the age of eighteen  years,  may  not  be   disaffirmed by him on the ground of infancy, where the contract was made   in  connection  with  a business in which the infant was engaged and was   reasonable and provident when made.In any action or proceeding in which the right  to  disaffirm  on  the   ground of infancy a contract made by an infant after he has attained the   age  of  eighteen years is in issue, the burden of proof on the question   whether the contract was made in connection with a business in which the   infant was engaged, and also on the question whether  the  contract  was   reasonable  and provident when made, shall be upon the person seeking to   deny or defeat such disaffirmance or to enforce the contract.3. A husband and wife, with respect only to real property they  occupy   or  which  they affirm they are about to occupy as a home, regardless of   the minority of either or both and without limitation of the  powers  of   any  such  person who is of full age, shall each have power (a) to enter   into and contract for a loan  or  loans  with  a  bank,  trust  company,   private  banker,  national  bank,  branch or agency of a foreign banking   corporation  licensed  pursuant  to  article  two,  or  branch   of   an   out-of-state  depository  institution  authorized  pursuant  to  article   five-C of the banking law, savings bank or savings and loan  association   whose  home  office is located in this state, with any insurance company   authorized to  do  business  in  this  state,  with  the  United  States   government and its agencies, with respect to such real property and take   any  other  action  and  execute any other document or instrument to the   extent necessary  or  appropriate  to  effect  any  such  loan,  provide   security therefor, carry out or modify the terms thereof, and effect any   compromise  or  settlement of any such loan or of any claim with respect   thereto; (b) to receive, hold and dispose of such  real  property,  make   and  execute  contracts,  notes,  deeds, mortgages, agreements and other   instruments necessary and appropriate to acquire such property; and  (c)   to  dispose  of  such  real  property  so acquired, and make and execute   contracts,  deeds,  agreements  and  other  instruments  necessary   and   appropriate to dispose of such property.Notwithstanding any contrary provision or rule of law, no such husband   or  wife shall have the power to disaffirm, because of minority, any act   or transaction which he or she is hereinabove empowered  to  perform  or   engage  in,  nor  shall any defense based upon minority be interposed in   any action or proceeding arising out of any such act or transaction.The above provision, however, shall affect only  transactions  entered   into subsequent to September first, nineteen hundred sixty-five.4.  A person who has attained the age of eighteen years shall have the   power, regardless of his or her minority to enter  into  a  binding  and   enforceable  contract  for  a  loan or loans with a bank, trust company,   private banker, national bank, branch or agency  of  a  foreign  banking   corporation   licensed   pursuant  to  article  two,  or  branch  of  an   out-of-state  depository  institution  authorized  pursuant  to  article   five-C,  of  the banking law or savings bank, or with a savings and loan   association or credit union which is chartered under the  laws  of  this   state  or  under  the  provisions of federal law and is authorized to do   business in this state and, in the case  of  a  credit  union,  if  said   person  is  within  the  field of membership of the credit union, and to   take any other action and execute any other document  or  instrument  to    the  extent  necessary  or  appropriate to effect any such loan, provide   security therefor, carry out or modify the terms thereof, and effect any   compromise or settlement of any  loan  or  of  any  claim  with  respect   thereto.Notwithstanding  any contrary provision or rule of law, no such person   who has attained the age of eighteen  years  shall  have  the  power  to   disaffirm  or  renounce  solely  because  of  his  minority  any  act or   transaction which he or she  is  hereinabove  empowered  to  perform  or   engage  in,  nor  shall any defense based upon minority be interposed in   any action or proceeding arising out of such act or transaction.The above provision shall affect only transactions entered into on  or   after  June  twenty-third,  nineteen  hundred  seventy-three  and before   September first, nineteen hundred seventy-four.