Busbee received a grant from the state for a certain tract of land. Later, McCoy received a grant from the state for a tract of land, a portion of which was also part of Busbee's grant. McCoy had no knowledge, except that imposed by the fact of registration, of the prior grant. McCoy sold timber from the land owned by Busbee to Russell (P). P cut the timber and took it to the bank of a river, to be transported downstream to a furniture company. While the logs were lying on the bank, Hill (D) stole them and sold them to a lumber company. P sued in trover to recover the value of the logs. The trial court found that P could not recover. P appeals.