Section 5 Avoiding contract for payment of loan advanced during infancy.C2C1
United Kingdom
If any infant, who has contracted a loan which is void in law, agrees after he comes of age to pay any money which in whole or in part represents or is agreed to be paid in respect of any such loan and is not a new advance, such agreement, and any instrument, negotiable or other, given in pursuance of or for carrying into effect such agreement, or otherwise in relation to the payment of money representing or in respect of such loan, shall, so far as it relates to money which represents or is payable. in respect of such loan, and is not a new advance, be void absolutely as against all persons whomsoever.
For the purposes of this section any interest, commission, or other payment in respect of such loan shall be deemed to be a part of such loan.
Annotations
Modifications
- C1
S. 5 by S.I.1988/930(N.I. 9), art. 3, it is provided that s. 5 shall not apply to any contract made by a minor after the coming into operation (on 26.7.1988) of that S.I.
- C2
S. 5 by Minor's Contracts Act 1987 (c. 13, SIF 30), s. 1(b), it is provided that s. 5 shall not apply to any contract made by a minor after the commencement (on 9.6. 1987) of the 1987 Act.
Notes on the whole Act
Textual amendments
- F1
Act repealed (S.) (25.9.1991) by Age of Legal Capacity (Scotland) Act 1991 (c. 50, SIF 49:8), ss. 10(2), 11(2), Sch.2 (with s. 1(3)), Act repealed (E.W.) by Minors' Contracts Act 1987 (c. 13, SIF 30), s. 4(2) and by S.I. 1988/930 (N.I. 9), art. 6(2), it is provided that the Act is repealed (N.I.) (in accordance with art. 3 of that S.I.)