1911 Encyclopædia Britannica/Obit

OBIT (through O. Fr., from Lat. obitus, death, obire, to go down, to die), a term for death, formerly used for the account of a person's death (now “ obituary ”). An “ obit ” was also a service performed at a funeral or in commemoration of a dead person, particularly the founder or benefactor of a church, college or other institution, hence “ obit-days,” “obit Sunday,” &c. A “ post-obit ” is a bond given as a security for the repayment of money lent upon the death of a person from whom the borrower has expectations (see Bond).