Notice to the holder of a subsequent equitable interest of the existence of a prior equitable interest is fatal to the subsequent holder's claim for priority, subject only to limited exceptions such as estoppel, waiver, or agreement to postpone. The registrability of a mortgage, as contrasted with the non-registrability of a charge, is not a relevant factor in determining which party has the better equity. A charge securing 'all moneys due and payable pursuant to a contract of sale' extends to the deposit, damages for breach of contract, and costs, not merely to specific monetary obligations under the contract. The question whether the notice rule operates as an independent rule or merely as a factor within the broader 'better equity' inquiry was left open by Ormiston J.A.
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