Private Student Loan

[hma12]

What is the name of your state (only U.S. law)?
Alabama


Multiple private student loans were taken out 8 years ago. The student was an 18 year old student in the state of Alabama where the age of majority is 19 years old. Co-signer listed on loans is of age of majority, but did not sign for loans signature was made by borrower in co-signers name.
Can these loans be cancelled using the "defense of infancy" seeing that the borrower was under age per state law?
Will the co-signers name be removed if forgery can be proven?
Is there a statute of limitations to prove forgery and have co-signer name removed?
Will the borrower be charged with fraud if the co-signer can prove forgery? If so, does the charge still stand if the crime was committed before reaching age of majority?
Is there a statute of limitations to charge the borrower? If so, has that limit passed with the age of the loans at 8 years?

 

[TheGeekess]

What is the name of your state (only U.S. law)?
Alabama


Multiple private student loans were taken out 8 years ago. The student was an 18 year old student in the state of Alabama where the age of majority is 19 years old. Co-signer listed on loans is of age of majority, but did not sign for loans signature was made by borrower in co-signers name.
Can these loans be cancelled using the "defense of infancy" seeing that the borrower was under age per state law?
Will the co-signers name be removed if forgery can be proven?
Is there a statute of limitations to prove forgery and have co-signer name removed?
Will the borrower be charged with fraud if the co-signer can prove forgery? If so, does the charge still stand if the crime was committed before reaching age of majority?
Is there a statute of limitations to charge the borrower? If so, has that limit passed with the age of the loans at 8 years?

Section 26-1-5
Age of majority for purposes of contracting for college level education and above.

Notwithstanding any other law to the contrary, the age of majority for the purposes of contracting for educational loans for college level education and above, within the State of Alabama, shall be 17 years of age.
(Acts 1987, No. 87-801, p. 1574.)

http://alisondb.legislature.state.al.us/acas/CodeOfAlabama/1975/26-1-5.htm

Somebody needs to be paying for those student loans.

 

[hma12]

The rest of the questions?

That wasn't the only thing in question here. What about the rest of the post?


Will the co-signers name be removed if forgery can be proven?
Is there a statute of limitations to prove forgery and have co-signer name removed?
Will the borrower be charged with fraud if the co-signer can prove forgery?
If so, does the charge still stand if the crime was committed before reaching age of majority?
Is there a statute of limitations to charge the borrower? If so, has that limit passed with the age of the loans at 8 years?

 

[hma12]

Terms of loan

Additionally, if the terms of the loan's promissory note state that the borrower must be the age of the majority in their state of legal residence, does the circumstance change?

We are simply trying to gather as much information as possible to decide how to proceed.

 

[Proserpina]

That wasn't the only thing in question here. What about the rest of the post?


Will the co-signers name be removed if forgery can be proven?
Is there a statute of limitations to prove forgery and have co-signer name removed?
Will the borrower be charged with fraud if the co-signer can prove forgery?
If so, does the charge still stand if the crime was committed before reaching age of majority?
Is there a statute of limitations to charge the borrower? If so, has that limit passed with the age of the loans at 8 years?

From the forum "down the street"

http://www.expertlaw.com/library/limitations_by_state/Alabama.html

Or, if you want to wade through: http://law.onecle.com/alabama/civil-practice/chapter2.html

I wouldn't hold my breath if I were you.

 

[justalayman]

Just a note:

If if the borrower was a minor at the time of signing the contract, to invalidate the contract the person must take action to rescind the contract either before the come of age or within a limited period after the come of age. 8 years is surely beyond any grace period to allow for the rescission

 

[TheGeekess]

Just a note:

If if the borrower was a minor at the time of signing the contract, to invalidate the contract the person must take action to rescind the contract either before the come of age or within a limited period after the come of age. 8 years is surely beyond any grace period to allow for the rescission

Nope, not in the state of 'Bama with regards to student loans. I've quoted applicable law above.

 

[justalayman]

Nope, not in the state of 'Bama with regards to student loans. I've quoted applicable law above.

care to narrow it down a bit? so far I haven't found anything regarding your nope, which really doesn't say what the nope is about. Are you saying the contract can be denied no matter how long after the person comes of age or what? or that it cannot be repudiated at all?

and just to clarify, when I said minor, what I intended to mean (since obviously a minor of 17 yo can apparently contract for a school loan) was a person under the disability of age. My error for not being clear on that point.

and I was speaking to contracts in general as my point wasn't really to establish an age which the contract became binding but that if the person does not repudiate it, it becomes binding as they come of age or (and I have not verified what Alabama allows specifically) within a reasonable time after that time. Surely 8 years would be beyond a reasonable time to allow the person to repudiate the contract.

and ignore the narrowing it down. I thought you had posted again but it was proserpina. I see yours and hopefully I have explained my poorly written post such that you understand what I did mean.