Trustee's certificates . In repaying loans, receiver's certificates take precedence over all other securities. Third mortgage bonds . An third loan on company property, already covered by first and second mortgages. Third mortgages are junior to second mortgages, meaning first and second mortgages must must be redeemed before third mortgages.
Third mortgages are risker and commonly carry higher interest rates than second mortgages.
Very few third mortgage bonds are known. The back of a certificate. Zero-coupon bonds . Bonds that pay no interest. In financial jargon, bonds' interest rates are their coupons .