post-obit bond Meaning, Definition & Usage

  1. noun a bond made by a reversioner to secure a loan; payable out of his reversion

WordNet


Post-o"bit, Post-o"bit bond` noun (Also<
  • Post-obit
  • Post-obit bond
)
Etymology
Pref. post- + obit.
Definitions
  1. (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.

Webster 1913