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In Kentucky if you have a borrower under the age of 18 and a cosigner that is of legal age, will the cosigner still be obligated if the minor does not make the payments? Does the situation change if the borrower is a minor and the joint borrower is of legal age?
I haven’t worked with this issue in a long time. Generally any contract with a minor is unenforceable, even if an adult is a party to the loan. There are exceptions for certain necessities. You are better off making the loan to the adult only and leaving the minor off the contract. You should have a discussion with bank counsel before entering into a contract with a minor.
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