In modern industrial societies the great mass of property consists, as the annual review of wealth passing at death reveals, neither of personal acquisitions such as household furniture, nor of the owner's stock-in-trade, but of rights of various kinds, such as royalties, ground-rents, and, above all, of course shares in industrial undertakings which yield an income irrespective of any personal service rendered by their owners. Ownership and use are normally divorced. The greater part of modern property has been attenuated to a pecuniary lien or bond on the product of industry [1.] which carries with [2.] it a right to payment, but [3.] which is normally valued precisely because it relieves the owner from any obligation to perform a positive or constructive function.
Source: On Property (1920), by R. H. Tawney
Would someone please identify the antecedents for the pronouns [1.] thru [3.]? The 3 nouns in front of [1.] confuse me so much as to thwart my attempts. Please explain and show all steps and thought processes; I’d like to try to resolve this myself in the future?