post-obit bond Meaning, Definition & Usage
-
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.Definitions
(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.