(1)  Subject to this section and section 92 , where on the application of the registered proprietor of any land which appears by the Register to be subject to a mortgage or encumbrance, the Recorder is satisfied that by virtue of the operation of a statute of limitation no action may be brought to recover the money secured by the mortgage or encumbrance, the Recorder may make an order declaring that the mortgage or encumbrance is discharged.

(2)  An application under this section shall –

(a) be in an approved form;

(b) be verified by the statutory declarations of the applicant and of such other persons as the Recorder may require;

(c) be supported by proof of such matters material to the application as the Recorder may require; and

(d) state the full name and last known address of the mortgagee or encumbrancee.

(3)  The Recorder may reject the application, or may make such requisitions as to any matter relating to the application as the Recorder thinks fit, and, at any time before granting the application, despite any direction previously given by the Recorder as to the application, reject the application if the applicant fails to comply to the Recorder’s satisfaction with any requisition made by the Recorder within such time as the Recorder considers to be reasonable.

(4)  If the Recorder does not reject the application, the Recorder shall direct that notice of the application, in such form as the Recorder directs, be advertised in such newspaper as the Recorder directs and be given to every person appearing by the Register to have any interest in the mortgage or encumbrance, and to any person named by the Recorder.

(5)  A notice under subsection (4) shall –

(a) specify the folio of the Register or registered dealing affected by the application, and the registered number of the mortgage or encumbrance; and

(b) be dated.