MARVIN MANDEL, Governor                                    197

NOTE, OR FINANCING STATEMENT [[AS DEFINED IN]] [[§1-101
OF THE PROPERLY ARTICLE]] IN THE SAME MANNER AND EFFECT
AS AN ADULT. THIS SUBSECTION DOES NOT AFFECT ANY RIGHT
GRANTED IN SUBSECTION (B) OF THIS SECTION.

(E) CONVEYANCE BY MINOR - MEMBER OF ARMED SERVICES.

A WAR VETERAN OR MEMBER OF THE ARMED SERVICES, WHO
IS A MINOR, ELIGIBLE FOR THE BENEFITS OF THE SERVICEMEN'S
READJUSTMENT ACT OF 1944, AND AMENDMENTS TO IT, FOR THE
PURPOSE OF OBTAINING THE BENEFITS OF THE ACT, MAY
MORTGAGE REAL ESTATE OWNED BY HIM, BUY REAL ESTATE AND
EXECUTE A MORTGAGE TO COVER THE PURCHASE MONEY, EXECUTE A
DEED FOR THE SALE OF REAL ESTATE PURCHASED, OR EXECUTE
NOTES OR MAKE OTHER AGREEMENTS AND DO OTHER THINGS AS
NECESSARY TO OBTAIN THE BENEFITS OF THE ACT, AND
AMENDMENTS TO IT, AND ALSO MAY EXECUTE RELEASES OF CLAIMS
IN THE SAME MANNER AND EFFECT AS AN ADULT.

(C) ANNUITIES OR LIFE OR HEALTH INSURANCE OF
MINORS.

(1)   A MINOR WHO HAS REACHED HIS 15TH BIRTHDAY
MAY 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. HE
MAY EXERCISE ALL RIGHTS AND POWERS WITH RESPECT TO OR
UNDER THE CONTRACT FOR THE ANNUITY OR FOR INSURANCE UPON
HIS OWN LIFE OR BODY, OR ANY CONTRACT THE MINOR EFFECTED
ON THE PERSON OF ANOTHER ISSUED TO THE MINOR AS DESCRIBED
AS THOUGH OF FULL LEGAL AGE OF 18 YEARS. HE MAY
SURRENDER HIS INTEREST IN THE CONTRACT AND GIVE A VALID
DISCHARGE FOR ANY BENEFIT ACCRUING OR MONEY PAYABLE UNDER
IT. HE IS NOT ENTITLED TO RESCIND, AVOID, OR REPUDIATE
THE CONTRACT, OR ANY EXERCISE OF A RIGHT OR PRIVILEGE
BECAUSE OF HIS MINORITY. HE IS NOT BOUND BY ANY
UNPERFORMED AGREEMENT TO PAY, BY PROMISSORY NOTE OR
OTHERWISE, ANY PREMIUM ON AM INSURANCE CONTRACT.

(2)    IF AN ESTATE OF A MINOR IS BEING
ADMINISTERED BY A GUARDIAN, NO CONTRACT IS BINDING UPON
THE ESTATE AS TO PAYMENT OF PREMIUMS, UNLESS CONSENTED TO
BY THE GUARDIAN.

(3)   ANY ANNUITY CONTRACT OR POLICY OF LIFE OR
HEALTH INSURANCE 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)    THE PROVISIONS OF THIS SUBSECTION ALSO
APPLY WITH RESPECT TO PROPERTY, CASUALTY, AND SURETY
INSURANCE CONTRACTED FOR BY A MINOR WHO HAS REACHED HIS
15TH BIRTHDAY UPON HIS OWN PROPERTY, LIABILITIES, OR
OTHER INTERESTS.