102Entry of satisfaction of annuity

102 Entry of satisfaction of annuity (1) Upon proof of the death of the annuitant, or of the occurrence of the event or circumstance upon which, in accordance with any memorandum of encumbrance, the annuity or sum of money thereby secured ceases to be payable, and upon proof that all arrears of the annuity and interest or money have been paid, satisfied or discharged, the registrar-general shall make an entry in the register noting that the annuity or sum of money is satisfied or discharged, and shall cancel the instrument. (2) Upon the entry being made, the land or interest shall cease to be subject to, or liable for, the annuity or sum of money.