What is First Mortgage Bonds?

Legal Definition
Bonds the payment of which is secured by a first mortgage on property. Bank of Atchison County v. Byers, 139 Mo. 627, 41 S. W. 325; Minnesota & P. R. Co. v. Sibley, 2 Minn, l8 (Gil. 1) ; Com. v. Wiliiamstown, 156 Mass. 70, 30 N. E. 472,
-- Black's Law Dictionary