(a) All persons eighteen (18) years of age or older may acquire title to, own, and dispose of real and personal property, both tangible and intangible, in the same manner, and shall be subject to the same rights, obligations, and liabilities with respect thereto as provided for persons twenty-one (21) years of age or older.
(b)
(1) It is the intent and purpose of this section to define the economic privileges of persons eighteen (18) years of age or older with respect to the acquisition and disposal of real and personal property and to assure these individuals of the same rights and obligations with respect thereto as are provided by law for persons twenty-one (21) years of age or older.
(2) It is the intent of this section to amend the laws of this state applicable to minors only to the extent as provided in this section. Nothing in this section shall be construed to modify or repeal any of the laws of the state with respect to minors except as specifically provided in this section.
(3) However, nothing in this section shall be construed to authorize or permit persons under twenty-one (21) years of age to purchase alcoholic beverages or to authorize or permit males under the age of twenty-one (21) years of age and females under the age of eighteen (18) years of age to contract marriage except as provided by law.
(c) The provisions of this section shall be supplemental to the laws of this state pertaining to the rights and obligations of minors.