275. Priority of equitable titles to shares.

Where several persons claim shares registered in another person's name, the equitable title which is prior in time prevails unless the conduct of the prior claimant disentitles him to priority or a claimant under a subsequent equitable title has, as between him and the company, acquired the full status of a shareholder or an absolute and unconditional right to be registered as the owner1. Such a creditor may gain priority2.

Notice given to the company does not affect the priority of equitable claims in respect of registered shares3. Such a notice is not, however, inoperative for all purposes, and the

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