§ 28-1-20-6 — Loans; misrepresenting age; estoppel by representation

When, in case of any loan made by any bank
or trust company, the borrower, or any other person furnishing security
on behalf of the borrower, shall, as an inducement to the bank or trust
company to make the loan, represent to it, in writing, that he or she is
eighteen (18) years of age or older, whereas in fact such person or
persons are under the age of eighteen (18) years, or shall otherwise
make any false statement or representation to the bank or trust
company, and the bank or trust company is thereby 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 bank or trust company, to take advantage of the fact that
the person making the representation was under eighteen (18) years of
age, but each such person shall be estopped by such representation.
Formerly: Acts 1933, c.40, s.248; Acts 1973, P.L.280,
SEC.5.