Warren, a stockholder mortgaged his shares of stocks to Vivian in 2018. The same were not recorded in the Stock and Transfer Books of the corporation. On January 1, 2021, Warren again mortgaged the same shares of stocks to Orlando. Upon knowledge of the second mortgage to Orlando, Vivian filed an action to recover the shares of stocks against Warren and Orlando. The two reasoned out, that previous mortgage to Vivianis not valid for it was not recorded in the stock and transfer book of the corporation. Was the contention of Warren and Orlando correct? Why?