The Collaborative International Dictionary
Post-obit bond
Post-obit \Post-o"bit\, n., or Post-obit bond \Post-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.
WordNet
post-obit bond
n. a bond made by a reversioner to secure a loan; payable out of his reversion