[§501-261.5] Deregistration of registered land other than fee time share interests. 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.
(1) 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.
(2) Upon presentation to the assistant registrar of a written request for deregistration by the registered owner of the fee interest in registered land, the assistant registrar shall not register the same, but shall:
(A) Record in the bureau of conveyances, pursuant to chapter 502, the current certificate of title for the fee interest in the registered land; provided that 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 for the registered land;
(B) Record in the bureau of conveyances, pursuant to chapter 502, the written request for deregistration presented to the assistant registrar for filing or recording. The request shall be recorded immediately after the certificate or certificates of title; and
(C) Cancel the certificate of title.
(3) 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.
(4) No order of court shall be required prior to or in connection with the performance of any of the foregoing actions. [L 2013, c 119, §§2, 13; am L 2014, c 47, §3; am L 2016, c 39, §2]