§ 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.