diff --git a/packages/tldraw/src/lib/tools/SelectTool/childStates/Translating.ts b/packages/tldraw/src/lib/tools/SelectTool/childStates/Translating.ts
index 33d78df5b..8604744bf 100644
--- a/packages/tldraw/src/lib/tools/SelectTool/childStates/Translating.ts
+++ b/packages/tldraw/src/lib/tools/SelectTool/childStates/Translating.ts
@@ -352,21 +352,42 @@ function getTranslatingSnapshot(editor: Editor) {
 	let noteAdjacentPositions: NotePit[] | undefined
 	let noteSnapshot: MovingShapeSnapshot | undefined
 
-	const underCursor = editor.getHoveredShape()
-	if (underCursor) {
-		if (editor.isShapeOfType<TLNoteShape>(underCursor, 'note')) {
-			const snapshot = shapeSnapshots.find((s) => s.shape.id === underCursor.id)
-			if (snapshot) {
-				noteSnapshot = snapshot
-				noteAdjacentPositions = getAvailableNoteAdjacentPositions(
-					editor,
-					snapshot.pageRotation,
-					underCursor.props.growY ?? 0
-				)
-			}
+	const { originPagePoint } = editor.inputs
+
+	if (shapeSnapshots.length === 1) {
+		noteSnapshot = shapeSnapshots[0]
+	} else {
+		const allHoveredNotes = shapeSnapshots.filter(
+			(s) =>
+				editor.isShapeOfType<TLNoteShape>(s.shape, 'note') &&
+				editor.isPointInShape(s.shape, originPagePoint)
+		)
+
+		if (allHoveredNotes.length === 0) {
+			// noop
+		} else if (allHoveredNotes.length === 1) {
+			// just one, easy
+			noteSnapshot = allHoveredNotes[0]
+		} else {
+			// More than one under the cursor, so we need to find the highest shape in z-order
+			const allShapesSorted = editor.getCurrentPageShapesSorted()
+			noteSnapshot = allHoveredNotes
+				.map((s) => ({
+					snapshot: s,
+					index: allShapesSorted.findIndex((shape) => shape.id === s.shape.id),
+				}))
+				.sort((a, b) => b.index - a.index)[0]?.snapshot // highest up first
 		}
 	}
 
+	if (noteSnapshot) {
+		noteAdjacentPositions = getAvailableNoteAdjacentPositions(
+			editor,
+			noteSnapshot.pageRotation,
+			(noteSnapshot.shape as TLNoteShape).props.growY ?? 0
+		)
+	}
+
 	return {
 		averagePagePoint: Vec.Average(pagePoints),
 		movingShapes,
diff --git a/packages/tldraw/src/test/translating.test.ts b/packages/tldraw/src/test/translating.test.ts
index d01762e0b..31b4c7057 100644
--- a/packages/tldraw/src/test/translating.test.ts
+++ b/packages/tldraw/src/test/translating.test.ts
@@ -2086,4 +2086,42 @@ describe('Note shape grid helper positions / pits', () => {
 		editor.expectShapeToMatch({ ...shapeB, x: 216, y: -4 })
 		expect(editor.getSelectionPageBounds()).toMatchObject({ x: 216, y: -4, w: 400, h: 200 })
 	})
+
+	it('When multiple notes are under the cursor, uses the top-most one', () => {
+		editor.createShape({ type: 'note' })
+		editor.createShape({ type: 'note', x: 500, y: 500 })
+		editor.createShape({ type: 'note', x: 501, y: 501 })
+		const [shapeB, shapeC] = editor.getLastCreatedShapes(2)
+
+		const pit = { x: 320, y: 100 } // right of shapeA
+
+		editor.select(shapeB, shapeC)
+
+		expect(editor.getSelectionPageBounds()).toMatchObject({ x: 500, y: 500, w: 201, h: 201 })
+
+		// First we do it with C in front
+		editor.bringToFront([shapeC])
+		editor
+			.pointerMove(600, 600) // center of b but overlapping C
+			.pointerDown()
+			.pointerMove(pit.x - 4, pit.y - 4) // not exactly in the pit...
+
+		// B snaps the selection to the pit
+		editor.expectShapeToMatch({ id: shapeB.id, x: 219, y: -1 }) // not snapped
+		editor.expectShapeToMatch({ id: shapeC.id, x: 220, y: 0 }) // snapped
+
+		editor.cancel()
+
+		// Now let's do it with B in front
+		editor.bringToFront([shapeB])
+
+		editor
+			.pointerMove(600, 600) // center of b but overlapping C
+			.pointerDown()
+			.pointerMove(pit.x - 4, pit.y - 4) // not exactly in the pit...
+
+		// B snaps the selection to the pit
+		editor.expectShapeToMatch({ id: shapeB.id, x: 220, y: 0 }) // snapped
+		editor.expectShapeToMatch({ id: shapeC.id, x: 221, y: 1 }) // not snapped
+	})
 })