{ Post–o″bit (?), n., orPost–o″bit bond′ }. [Pref. post- + obit.] (Law) A bond in which the obligor, in consideration of having received a certain sum of money, binds himself to pay a larger sum, on unusual interest, on the death of some specified individual from whom he has expectations. Bouvier.
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Webster's Dictionary 1913
Webster's Revised Unabridged Dictionary, C. & G. Merriam Co., 1913.