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From The Collaborative International Dictionary of English v.0.48:
Obit \O"bit\, n. [OF. obit, L. obitus, fr. obire to go against, to go to meet, (sc. mortem) to die; ob (see Ob-) + ire to go. See Issue.] 1. Death; decease; the date of one's death. --Wood. [1913 Webster] 2. A funeral solemnity or office; obsequies. [1913 Webster] 3. A service for the soul of a deceased person on the anniversary of the day of his death. [1913 Webster] The emoluments and advantages from oblations, obits, and other sources, increased in value. --Milman. [1913 Webster] 4. Same as obituary; -- by shortenting. [PJC] Post obit [L. post obitum]. See Post-obit. [1913 Webster]