New Hampshire Revised Statutes 195-F:16 – Waiver of Defenses; Rights of Holders
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Terms Used In New Hampshire Revised Statutes 195-F:16
- Bank: means the New Hampshire municipal bond bank created and established by N. See New Hampshire Revised Statutes 195-F:3
- Bonds: means bonds of the bank issued pursuant to this chapter. See New Hampshire Revised Statutes 195-F:3
- Educational institution: means a public or other nonprofit institution situated within the state, which is either approved by the state board of education as a public academy under the standards pertaining to public high schools, and empowered to provide a program of education at the elementary or secondary level to students whose tuition costs are paid by the municipalities or the school districts in which the students reside, or any other institution which provides a program of education within the state which is preparatory for secondary, postsecondary, or higher education. See New Hampshire Revised Statutes 195-F:3
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Trustee: A person or institution holding and administering property in trust.
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 invoke any remedies or powers thereof or of any trustee in connection therewith or of any board, body, agency or commission of the state having jurisdiction in such matter or circumstance, the bank may then and thereupon avail itself of all other remedies, rights and provisions of law applicable in such circumstance, and that the failure to exercise or exert any such rights or remedies within any time or period provided by law shall not be raised as a defense by such educational institution, and that all of the bonds of the issue of bonds of such educational institution as to which there has been such nonpayment shall for all of the purposes of this section be held and be deemed to have become due and payable and to be unpaid. The bank is hereby authorized and empowered to carry out the provisions of this section and to exercise all of the rights and remedies and provisions of law herein provided or referred to.