Section 49 Discharge, etc., of registered charges.

(1)

The Registrar shall—

(a)

at the request or with the concurrence of the registered owner of the charge; or

(b)

on proof in the manner specified in subsection (2) or in such other manner as may be prescribed;

note on theF1 title register

(i)

the satisfaction of a registered charge or of any part thereof;

(ii)

the release of any part of registered land from a registered charge;

and, thereupon, the charge shall, to the extent so noted, cease to operate.

(2)

For the purposes of subsection (1), the receipt of the registered owner of a charge shall be sufficient proof of the satisfaction of the charge or, as the case may be, of the part thereof, and a release signed by the registered owner of a charge, or, where the registered owner is a body corporate, under the seal of the body corporate, shall be sufficient proof of the release of any part of registered land subject to that charge.

Annotations

Textual amendments

F1: 1992 NI 7

Notes on the whole Act

Textual amendments

F1: Words in preamble of Act substituted (1.10.2009) by Constitutional Reform Act 2005 (c. 4), ss. 59(5), 148(1), Sch. 11 para. 6; S.I. 2009/1604, art. 2(d)