These are used when the amount of the loan is larger than any one person would be willing to advance. Such would be a loan of millions of dollars upon the property of a railroad. In these loans the mortgage is made to a trustee. Instead of a single bond, many are issued; one or more to each person advancing a part of the loan, depending upon the denomination of the bonds. The trustee acts as such for the benefit of the bondholders. The mortgage contains in addition to the usual clauses, various provisions concerning the rights and duties of the trustee and the bondholders.*