postobit bond

post-obit bond

noun
a bond paying a sum of money after the death of some specified person.

Origin:
1780–90

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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WordNet
post-obit bond

noun
a bond made by a reversioner to secure a loan; payable out of his reversion 
WordNet® 3.0, © 2006 by Princeton University.
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