Verse 1
1) "Now I say (lego de) "But I say," introducing a contrast between the infant and adult, the slave and freeman, the law and grace, works and faith, Galatians 3:24.
2) "That the heir, as long as he is a child...ever so long a time (as long as) the infant exists as an heir," (eph’ hoson chronon ho kleronomoi nepios estin). The heir (a prospective possessor of property), while an infant, a minor, under legal age to hold and administer property.
3) "Differeth nothing from a servant," (ouden diapherei doulou) "he differs not one bit from a servant or slave;” he does what he is told and receives only what his guardian instructs or provides for him. He is not a major decision maker for his own life and well being while yet a minor.
4) "Though he be lord of all," (kurios panton on) "Being or existing as lord of all," by right of birth and condition, the heir is lord possessor though not administrator of all his father has willed to him, 1 Corinthians 3:21-23.