“ McConnell should be accepted as reflecting the true construction of § 496, in the absence of some more positive and direct ruling upon the subject by the court of appeals of the state. Such was the view of the circuit court of appeals, and we are at least unable to say that it was wrong. ”

“ The claim was allowed, but the district court, being of opinion that the mortgage was invalid as against the subsequent creditors without notice, held that it gave no right to priority of payment as against them. The mortgagee appealed to the circuit court of appeals, and that court, taking the view that the mortgage was valid as against those creditors, since none had secured any specific lien upon the mortgaged property, sustained the right to priority asserted by the mortgagee. ”

“ On the other hand, creditors who may be presumed on such faith to have given credit are protected as against the secret lien in the rights which they secure by their diligence in the levy of their execution or attachment.' (Italics ours.) And in Swafford v. Asher, supra, it was said: 'As the mortgage was not recorded, it would, of course, not be valid as to creditors whose debts were subsequently created ”