The owner of the shares can sell those shares any time he wishes. In a typical margin account, the client doesn't even know his shares are borrowed by the broker to help someone else' sell short.
(edit: just saw your other post, so mine here is quite superfluous; yes, it is quite a quirky problem when we wrap our heads around this and all the implications inherent in the three days delay between execution and settlement)
Edit2: in a way, it is just another manifestation of the problem of "having the cake and eat it" in our financial system when money/wealth/stocks/bonds are borrowed into existence, where both the borrower and the lender act as if they each have the goods. In some instance it is indeed money created out of thin air buying financial instruments created out thin air, both borrowed into existence while the lenders think they also have simultaneous title to the money/instrument. So long as the borrower continue to service the terms of the loan, it's all okay I suppose. LOL