[§501-262] Effect of deregistration. (a) Upon the recordation in the bureau of conveyances of a certificate of title pursuant to section 501-261:
(1) The deregistered land shall no longer be registered land for purposes of this chapter;
(2) No instruments, documents, or papers relating solely to deregistered land shall be filed or recorded with the assistant registrar pursuant to this chapter, but shall instead be recorded in the bureau of conveyances pursuant to chapter 502; and
(3) Except as otherwise expressly provided in this chapter, chapter 502 shall apply to the deregistered land.
(b) Recordation of a certificate of title pursuant to section 501-261 shall not disturb the effect of any proceedings in the land court where the question of title has been determined. All proceedings had in connection with the registration of title that relate to the settlement or determination of title before that recording, and all provisions of this chapter that relate to the status of the title, shall have continuing force and effect with respect to the period of time that title remained under the land court system. Those provisions giving rise to a right of action for compensation from the State, including any limits on and conditions to the recovery of compensation and the State's rights of subrogation with respect thereto, shall also continue in force and effect with respect to the period of time that title remained under the land court system. [L 2009, c 120, pt of §2]