what is calling in a chit

"Calling in a chit" is a phrase that means asking for a debt or favor to be repaid. A chit is a slip of paper that one signs to indicate money owed, in lieu of a formal payment. It is not legal, non-negotiable, and not recognized in a court of law. The phrase is used interchangeably with "calling in a favor". When someone says "Im calling in a chit," it means that they are asking for something in return for a good deed or something they did for the other person in the past. For example, "I helped you when you were young, now I need help so I am calling in a chit". It can also mean demanding repayment of an outstanding debt.