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. [1913 Webster]
, n. & adj.
--n. a bond given to a lender by a borrower securing a sum for payment on the death of another person from whom the borrower expects to inherit.
--adj. taking effect after death.
Etymology
L post obitum f. post after + obitus decease f. obire die