1 definition by MasterX47
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...
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 18, 2008