(1) The liability for obligations that the parents, as part of their statutory power of agency, or other persons entitled to represent the child, as part of their power of agency, have created with effect for the child by legal transaction or another action, or that have arisen on the basis of an acquisition as a result of death that occurred during the minority, is restricted to the inventory of the assets of the child that are in existence when the child attains full age; the same applies to obligations arising from legal transactions that the minor under sections 107 and 108 or section 111 entered into with the approval of their parents or for obligations arising from legal transactions for which the parents received the ratification by the family court. If the minor who is now of full age relies on the restriction of liability, the provisions of sections 1990 and 1991 for the liability of the heir apply accordingly.
(2) Subsection (1) does not apply to obligations from the independent operation of a trade or business to the extent that the minor was entitled to do this under section 112, and for obligations from legal transactions that served solely the satisfaction of their personal needs.
(3) The rights of the creditors against co-debtors and those who are jointly liable and their rights arising from a security created for the claim or from a priority notice securing its creation are not affected by subsection (1).
(4) If a member of a community of heirs or an association of persons does not within three months after the minor attains full age demand the partitioning of the estate or the termination of the association, then in case of doubt it is to be assumed that the obligation arising from such a relationship arose after the minor attained full age; similar provisions apply to the proprietor of a trading business who has attained full age and who does not terminate this within three months after reaching full age. Under the prerequisites set out in sentence 1, it is also presumed that the present assets of the person who has attained full age were already in existence when they attained full age.