Part II.  DEREGISTRATION



 



Note



 



  Part effective July 1, 2011 and repealed December 31, 2014. 
L 2009, c 120, §21.



  The $5 recording fee for deregistered land transactions is
repealed on adoption of administrative rules.  L 2009, c 120, §§16, 21.



  Two year pilot program effective January 1, 2012 for
electronic recording of fee time share interests.  L 2009, c 120, §§17, 21.



 



[§501-261]  Deregistration of fee
interests.  (a)  Upon presentation to the assistant registrar for filing or
recording of any instrument, document, or paper conveying or encumbering a fee
time share interest or any interest therein, or upon the written request under
subsection (d) of the registered owner of the fee interest in registered land,
the assistant registrar shall not register the same, but shall:



(1)  Record in the bureau of conveyances, pursuant to
chapter 502, the current certificate of title for the fee interest in the
registered land or the registered land in which the fee time share interest
includes an undivided interest; provided that:



(A)  Prior thereto, the assistant registrar
shall note on the certificate of title all documents and instruments that have
been accepted for registration and that have not yet been noted on the
certificate of title; and



(B)  If separate certificates of title have
been issued for individual fee time share interests in the time share plan, the
assistant registrar shall record in the bureau of conveyances, pursuant to
chapter 502, the certificate of title for each fee time share interest in the
time share plan;



(2)  Record in the bureau of conveyances, pursuant to
chapter 502, the instrument, document, paper, or written request for
deregistration presented to the assistant registrar for filing or recording. 
The instrument, document, paper, or request shall be recorded immediately after
the certificate or certificates of title; and



(3)  Cancel the certificate of title.



(b)  The registrar or assistant registrar shall
note the recordation and cancellation of the certificate of title in the registration
book and in the records of the application for registration of the land that is
the subject of the certificate of title.  The notation shall state the bureau
of conveyances document number for the certificate of title so recorded, the
certificate of title number, and the land court application number, map number,
and lot number for the land that is the subject of the certificate of title so
recorded.



(c)  No order of court shall be required prior
to or in connection with the performance of any of the foregoing actions.



(d)  The registered owner of the fee interest
in registered land may submit a written request to the assistant registrar to
deregister the land under this chapter.  Any written request for deregistration
shall include proof of title insurance in the amount of the value of the land
to be deregistered and a written waiver of all claims against the State
relating to the title to the land arising after the date of deregistration. [L
2009, c 120, pt of §2]