1354                                      LAWS OF MARYLAND                                Ch. 651

same manner, to the same extent and with the same effect as a person of the full
age of [twenty-one] EIGHTEEN years.

(b)  Any war veteran or member of the armed services eligible for the benefits of
the Servicemen's Readjustment Act of 1944, and amendments, thereto, who is
under [twenty-one] EIGHTEEN years of age, may, for the purpose of obtaining
the benefits of said act, mortgage real estate owned by him, buy real estate and
execute a mortgage to cover the purchase money, or execute a deed for the sale of
real estate so purchased, or execute notes or make such other agreements and do
such other things as may be necessary to obtain the benefits of the said
Servicemen's Readjustment Act, and amendments thereto, and also may execute
releases of claims in the same manner and with the same effect as though
[twenty-one] EIGHTEEN years of age. The minor husband or wife of any said
war veteran or member of the armed services may join in any such deed, deed of
trust, deed of trust note and financing statement or mortgage for the purpose of
releasing rights of dower and other rights in the same manner and with the same
effect as though [twenty-one] EIGHTEEN years of age.

(c)  (1) Annuities or Life or Health Insurance of minors. A minor not less than
fifteen (15) years of age at his nearest birthday may, notwithstanding such
minority, contract for annuities and for life or health insurance on his own life or
body, or on the person of another in whom the minor has an insurable interest,
and may exercise all rights and powers with respect to or under the contract for
annuity or for insurance upon his own life or body, or any contract such minor
effected on the person of another issued to the minor as above described as though
of full legal age OF EIGHTEEN YEARS, and may surrender his interest therein
and give a valid discharge for any benefit accruing or money payable thereunder.
The [minor] PERSON UNDER EIGHTEEN YEARS OF AGE shall not by
reason of his minority, be entitled to rescind, avoid, or repudiate the contract, or
any exercise of a right or privilege thereunder; except that such minor, not
otherwise emancipated, shall not be bound by any unperformed agreement to pay,
by promissory note or otherwise, any premium on any such insurance contract.

(2)  If any minor mentioned in subsection (1) above, is possessed of an estate
that is being administered by a guardian, no such contract shall be binding upon
the estate as to payment of premiums, except as and when consented to by the
guardian and approved by the court in which the administration of the estate is
pending, and such consent and approval shall be required as to each annual
premium payment.

(3) Any annuity contract or policy of life or health insurance procured by a
[minor] PERSON UNDER EIGHTEEN YEARS OF AGE under subsection (1)
above, shall be made payable either to the minor or to his estate, or to a person
having an insurable interest in the life of the minor.

(4)  Property, Casualty and Surety Insurance of Minors. The provisions of
subsection (1) above shall also be applicable with respect to property, casualty, and
surety insurance contracted for by any such [minor] PERSON UNDER
EIGHTEEN YEARS OF AGE upon his own property, liabilities, or other
interests.

(d)  The absence of the specific mention in this article of any power or right
granted by law to a [minor] PERSON UNDER EIGHTEEN YEARS OF AGE
prior to the enactment of this article is not intended to affect the existence of such
power or right.

SECTION 47. AND BE IT FURTHER ENACTED, That Section 20(g)(8)(vii)
of Article 95A of the Annotated Code of Maryland (1969 Replacement Volume