Answer the question briefly. Avoid plagiarism Facts Ty Camco Sobrino is the registered owner of two parcels of land situated in the municipality of Rosario, Province of Pangasinan, described in Transfer Certificates of Title Nos. 1803 and 1804. On April 12, 1924 Ty Camco Sobrino executed a deed of first mortgage on these parcels of land in favor of the Philippine National Bank, and the mortgage was noted on the back of the transfer certificates of title. On February 21, 1930, Ty Camco Sobrino executed a deed of second mortgage on the same properties in favor of Cu Yeg Keng and Simon A. Chan Bona, without having secured the written consent of the Philippine National Bank. The mortgagor obtained the certificates of title from this bank. The register of deeds for Pangasinan registered and noted on the Transfer Certificate of Title Nos. 1803 ad 1804 the second mortgage. On April 14, 1931, the Philippine National Bank filed in the Court of First Instance of Pangasinan, a petition praying that the annotation or inscription of the second mortgage be declared null and void, and ordered cancelled. Issue Whether or not that the 2nd mortgage is valid in favor of the appellees