[§501-263]  Effect of deregistration in
specific cases. Notwithstanding section 501-262(a)(3), the following
documents, instruments, and papers need not be registered pursuant to this
chapter to be effective and shall be recorded in the bureau of conveyances
pursuant to chapter 502:



(1)  Any document, instrument, or paper assigning,
extending, continuing, dissolving, discharging, releasing in whole or in part,
reducing, canceling, extinguishing, or otherwise modifying or amending any of
the following documents, instruments, or papers that have been registered
pursuant to this chapter and that pertain to deregistered land:



(A)  A mortgage;



(B)  An agreement of sale for the sale of a fee
time share interest or interest in other deregistered land.  After the
recordation of the certificate of title, any agreement of sale shall be subject
to section 502-85 and shall not be subject to section 501-101.5;



(C)  A correction deed, correction mortgage, or
other document, instrument, or paper correcting a document, instrument, or
paper registered pursuant to this chapter;



(D)  A lien or claim of lien on a fee time
share interest held or claimed by a time share owners association, an
association of apartment owners, or other homeowners' association or a lien or
claim on an interest in other deregistered land held by a lienor or person
claiming a lien;



(E)  A lease that demises a fee time share
interest or interest in other deregistered land;



(F)  An order of court, attachment, writ, or
other process against a fee time share interest or interest in other
deregistered land;



(G)  A mechanic's or materialman's lien or
other lien upon a fee time share interest or interest in other deregistered
land;



(H)  A lis pendens or notice of pendency of
action, notice, affidavit, demand, certificate, execution, copy of execution,
officer's return, or other instrument relating to a fee time share interest or
interest in other deregistered land and otherwise required or permitted to be
recorded or registered in connection with the enforcement or foreclosure of any
lien, whether by way of power of sale pursuant to a power of sale under section
667-5, or otherwise; or



(I)  A power of attorney given by the owner of
a fee time share interest or interest in other deregistered land or the vendor
or vendee under an agreement of sale for the sale of a fee time share interest
or interest in other deregistered land, a mortgagee or other lienor having a
mortgage or lien upon a fee time share interest or interest in other
deregistered land, or another party holding a claim or encumbrance against or
an interest in a fee time share interest or interest in other deregistered
land;



(2)  A lis pendens or notice of pendency of action,
notice, affidavit, demand, certificate, execution, copy of execution, officer's
return, or other instrument relating to a fee time share interest or interest
in other deregistered land and otherwise required or permitted to be recorded
or registered in connection with the enforcement or foreclosure of any lien,
whether by way of power of sale pursuant to a power of sale under section
667-5, or otherwise; and



(3)  Any declaration annexing property to, any
declaration deannexing property from, any amendment or supplement to,
correction of, or release or termination of, any of the following documents,
instruments, or papers that have been registered pursuant to this chapter and
that pertain to deregistered land:



(A)  A declaration of covenants, conditions,
restrictions, or similar instrument, by whatever name denominated, establishing
or governing a time share plan, or the bylaws of a time share owners
association, notice of time share plan, or other time share instrument;



(B)  A declaration of condominium property
regime or similar declaration by whatever name denominated, the bylaws of the
association of apartment owners, the condominium map, any declaration of merger
and any instrument effecting a merger; provided that if only some of the
condominium apartments are included in the time share plan, then it shall be
necessary to register, and to note on the certificate of title for any
apartment not included in the time share plan:



(i)  Any declaration annexing property to the
condominium property regime;



(ii)  Any declaration deannexing property from
the condominium property regime;



(iii)  Any instrument effecting a merger of two or
more condominium projects or two or more phases of a condominium project; and



(iv)  Any document, instrument, or paper
amending, supplementing, correcting, releasing, or terminating any of the
documents listed in subparagraph (B)(i) through (iii), the declaration of
condominium property regime, the bylaws of the association of apartment owners,
the condominium map, or any declaration of merger; and



(C)  A declaration of covenants, conditions,  restrictions,
or similar instrument, by whatever name denominated, the bylaws of any
homeowners association, any declaration of annexation or deannexation, any
amendments and supplements thereto, and any cancellation or extinguishment
thereof, any declaration of merger and any instrument effecting a merger;
provided that if only some of the parcels of land covered by the declaration
constitutes deregistered land, and if one or more of the remaining parcels
constitute registered land, then it shall be necessary to register, and to note
on the certificate of title for any registered land:



(i)  Any declaration annexing property to the
declaration;



(ii)  Any declaration deannexing property from
the operation of the declaration; and



(iii)  Any document, instrument, or paper
amending, supplementing, correcting, releasing, or terminating any of the
documents listed in subparagraph (C)(i) or (ii), the declaration of covenants,
conditions, restrictions, or the bylaws of the homeowners association. [L 2009,
c 120, pt of §2]