140. Law of mortgage as it applies to minors.

(v)     Persons under Disability

a.     Minors

140.     Law of mortgage as it applies to minors.

A minor1 cannot hold a legal estate and hence cannot create a legal mortgage of land2. A minor can avoid a contract to create a mortgage or charge3 or a charge over his equitable interest until a reasonable time after attaining majority4. He can, however, ratify such a transaction after attaining his majority. Where a contract is unenforceable against a minor, or he repudiates it, because he was a minor when it was made, the court may require the minor to