* Post Obit *
POST OBIT - An agreement, by which the obligor borrows a certain sum of money and promises to pay a larger sum, exceeding the lawful rate of interest, upon the death of a person, from whom he has some expectation, if the obligor be then living.
Equity will, in general, relieve a party from these unequal contracts, as they are fraudulent on the ancestor. But relief will be granted only on equitable terms, for he who seeks equity must do equity.
--b--
Need a Lawyer? Check Out The 'Lectric Law Library's Searchable Attorney Directory
& our Searchable Expert Witness Directory
The Lexicon's Lyceum Other Letters' Terms & Important Info.
