RSA 195-F:16 Waiver of Defenses; Rights of Holders.

Upon the sale and issuance of any educational institution bonds to the bank by any educational institution, such educational institution shall be held and be deemed to have agreed that in the event of the failure of such educational institution to pay the interest on or the principal of any of such educational institution bonds owned or held by the bank as and when due and payable, such educational institution shall have waived all and any defenses to nonpayment, the bank shall thereupon constitute a holder or owner of such educational institution bonds as being in default, and that notwithstanding the provisions of any other law as to time or duration of default or percentage of holders or owners of bonds entitled to exercise rights of such holders or owners of bonds in default, or to in