Setting default value of document library column using powershell

Created document library based on template which is using custom content type containing managed metadata based column.

I can upload documents. Everything looks normal except when I visit Column default value settings page in DL settings, I get error message below

Application error when access /_layouts/15/ColumnDefaults.aspx, Error=Value does not fall within the expected range.   at Microsoft.SharePoint.SPWeb.GetWebRelativeUrlFromUrl(String strUrl, Boolean includeQueryString, Boolean canonicalizeUrl)     at Microsoft.Office.Server.WebControls.MetaDataNavTree.TreeViewDataBound(Object sender, EventArgs e)     at System.Web.UI.WebControls.HierarchicalDataBoundControl.PerformSelect()     at Microsoft.Office.DocumentManagement.MetadataNavigation.MetadataNavigationContext.OnTreeViewLoad(SPTreeView spTreeView)     at Microsoft.Office.Server.WebControls.MetaDataNavTree.PerLocationPageLoad()     at Microsoft.Office.DocumentManagement.Pages.ColumnDefaultsPage.OnLoad(EventArgs e)     at System.Web.UI.Control.LoadRecursive()    at System.Web.UI.Page.ProcessRe...  6bf73b9c-e4f3-10ae-0f74-9672cdd9936f

I tried many things but nothing seems to work. When I create document library using SharePoint OOB template, everything works.

Any help would be appreciated.

Thanks.