waiver of claims and defenses. 1. The intentional relinquishment by a maker, drawer, or other obligor under a contract of the right to assert against the assignee any claims or defenses the obligor has against the assignor. [Cases: Assignments  103; Bills and Notes  314; Secured Transactions  185. C.J.S. Assignments § 100; Bills and Notes; Letters of Credit §§ 166–168; Secured Transactions§ 139.] 2. The contractual clause providing for such a waiver.
[Blacks Law 8th]