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]