§ 404-a. Withdrawal from registration in certain instances. Notwithstanding the provisions of section four hundred four of this chapter, a title to real property which has been duly registered as provided by article twelve thereof may be withdrawn from such registration upon application to the supreme court by the owner of the fee title to the property. An application for such withdrawal from registration may be filed with the registrar of the county in which the title is then registered and shall be entitled "in the matter of the application of (stating the name of the registered owner) for the withdrawal from registration of the title to certain lands." Such application, in such form as may be approved by the registrar, must be made by the registered owner of the fee of the real property. It shall set forth and recite in detail the name and postoffice address of the registered owner, the number of the certificate of title last issued, the date of the last registration of the title, a description of the real property as stated in the certificate of title together with a reference to the proper section, block and lot numbers if any, a complete recital of all memorials entered on the certificate of title, the names and addresses of all persons owning any incumbrance, charge, trust or lien on the premises, a statement of all unpaid taxes, assessments and water rates due and payable, a statement of the circumstances existing which render continued registration of the title impracticable and inexpedient, and a prayer for the withdrawal from registration. The application shall be duly verified and executed in duplicate. The registrar shall file one copy as a document in his office and enter the same as a memorial on the certificate of title to which it relates. The other copy shall be delivered to an official examiner of title who shall forthwith proceed to examine the title since the date of the first or initial registration thereof and investigate the facts set forth in the application. Thereafter he shall make a report in writing to the supreme court of his findings and a recommendation as to the proper disposition of the application. The registrar shall set down a date for hearing on the application in the "title part" of a special term of the supreme court, which date shall be not less than twenty days after the filing of the application; and he shall notify by certified mail demanding a personally signed return receipt card all persons or parties who appear by the report of the official examiner of title to have any interest in or incumbrance, charge, trust, or lien upon the said real property. At the hearing any of the parties in interest may appear and consent or object to the granting of the prayer of the application. Whether granted or denied, the supreme court shall enter an order disposing of the application and after such order is filed with the clerk of the county a transcript or certified copy of the same shall be filed with the registrar and by him entered as a memorial on the certificate of title. When the order of the supreme court grants a withdrawal from registration of a title to real property as herein provided, the registered owner thereof shall forthwith deliver to the registrar and surrender his owner's duplicate certificate of title, or if the same has been lost or destroyed a new owner's duplicate certificate of title obtained as provided in section four hundred fourteen of this chapter. The registrar shall then cause the owner's duplicate certificate of title to be recorded in the office of the recording officer of the county in which the real property is located, and thereafter permanently filed in his own office. A certified copy of the record shall be delivered to the registered owner as his future evidence of title.

The recording of the owner's duplicate certificate of title shall be notice of the recitals and matters therein contained, and shall also be notice of the fact that the title to the real property therein described is no longer registered nor subject to the provisions of article twelve of this chapter. From the time of such recording and until any future or further registration of the title thereof, said property shall be and become as to all matters subsequent to the time of such recording subject to all provisions of law relating to real property the title to which has not at any time been registered.

The final order and judgment of registration by the court pursuant to which the aforesaid title to real property was originally registered shall continue to be binding and conclusive as a decree or judgment of the supreme court in the same manner and to the same extent and be of the same force and effect as if the said title had not been withdrawn from registration in accordance with the provisions of this section.

The fee of the registrar for all services rendered by him and by the official examiner of title pursuant to this section shall be the sum of one hundred dollars payable at the time of filing of the application for withdrawal from registration, and one-half of the said fee shall be transferred by the registrar to the assurance fund provided for by section four hundred and twenty-six of this chapter. In addition thereto the applicant shall pay to the registrar and the official examiner of title, their necessary expenses and disbursements incurred in connection with the withdrawal of the title from registration.