3059. The registration of a right is cancelled with the consent of the holder of, or beneficiary under, that right.
Nevertheless, the registration in the land register of a hypothec or of a restriction to the right to dispose of property, or of any other right with a fixed term, which has expired because the date after which it ceases to be effective has arrived, or the registration of a hypothec which is extinguished because the time prescribed by law has elapsed, may be cancelled on presentation of an application made by any interested person; the registration in the register of personal and movable real rights of a hypothec, or of such a restriction or right which, according to the register, has expired, or the registration of an address that no longer has effect, may be cancelled by the registrar on his own initiative. The cancellation of a registration in the register of personal and movable real rights must give reasons and be dated.
1991, c. 64, a. 3059; 2000, c. 42, s. 78.