1 definition by MasterX47

Top Definition
A once-in-a-lifetime thing that someone is able to cash in, in exchange for any favour. First used in Malcolm in the Middle episode "Krelboyne Girl".
Francis: OK Dad, I'm calling in my chit.
Hal: What?
Francis: You know, my chit. It's that one thing you're allowed to cash in.
Hal: Francis, that doesn't exist...
by MasterX47 August 17, 2008
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