2023 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.