RSA 374-C:15 Waiver of Defenses; Rights of Holders.

Upon the sale and issuance of any utility bonds to the bank by any public utility, such public utility shall be held and be deemed to have agreed that, in the event of the failure of such public utility to pay the interest on or the principal of any of such utility bonds owned or held by the bank as and when due and payable, such public utility shall have waived all and any defenses to nonpayment, the bank shall thereupon constitute a holder or owner of such utility 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 invoke any remedies or powers thereof or of any trustee in connection therewith or o