post obit
n.
obsequies; service on the anniversary of the day of a person's death that is held for the soul of the deceased; bond that pays after particular person's death
post-obit
adj.
effective after a specific person's death; that takes place after a particular person's death
Post-obit
Alt. of Post-obit bond
Webster's Revised Unabridged Dictionary (1913), edited by Noah Porter.
About
Post Obit
An agreement, by which the obligor borrows a certain sum of money and promises to pay a larger sum, exceeding the lawful rate of interest, upon the death of a person, from whom he has some expectation, if the obligor be then living.
Equity will, in general, relieve a party from these unequal contracts, as they are fraudulent on the ancestor. But relief will be granted only on equitable terms, for he who seeks equity must do equity.
This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.
post-obit
post-obit /'poust,ɔbit/
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