Much obliged
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Much obliged means that whatever was done is appreciated. Literally, it could be extended to mean that the person that says Much obliged now owes the other a favor. That the one that is obliged is under an obligation to pay back. Most people wouldnt expect a return favor though.
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An old way of saying [thank you]; often associated with the [Deep South] and/or the [Bible Belt], or the stinking rich
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