WAIVER OF CLAIMS AND DEFENSESwaiver 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 ¡ì 100; Bills and Notes; Letters of Credit ¡ì¡ì 166¨C168; Secured Transactions¡ì 139.]
2. The contractual clause providing for such a waiver.