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The favorite plan at the present time is to make bonds registered as to principal so that the transfer of the bond is not fully completed until it is made on the books of the corporation, but to attach coupons covering the interest payments so that coupons which are practically post-dated checks may be clipped and deposited as they fall due. This has been demonstrated by long experience to be the simplest and most satisfactory method of collecting interest payments. It has been assumed so far in this chapter that bonds are always secured by mortgages covering real property. This is not, however, the case. There are three other important types of security: first, bonds, shares, or other securities may be posted as collateral; second, a lien on chattel property such as locomotives, rolling stock, and the like may be accepted as security; third, the general credit of a corporation may be the only security. We shall see plainly, in reviewing these various types of securities and their variations, that it is unsafe to place much dependence upon names. A "general mortgage" may not have a first lien upon anything; "first and refunding" or "first and unifying" and the like may indicate a first mortgage on some Small subdivisions of the property and a second, third, or fourth mortgage on the rest of the property. Every bond issue stands by itself and has its own peculiarities. It is unsafe to comment upon it and it is certainly unsafe in the extreme to buy it without having first studied with some care the exact terms and extent of its claim upon property and the nature and value of the property itself....