—(1) Registration of a writ shall lapse, and the power of the Sheriff to execute registrable instruments pursuant thereto shall be extinguished, at the expiration of one year from the date of the registration of the writ, and the land thereupon shall cease to be bound thereby.
(2) Subsection (1) shall not prevent the registration of a renewal of a writ, or of a second or subsequent writ issued on the same judgment.
(3) Nothing in this Act shall enable a judgment creditor by a succession of writs on the same judgment to bind land for an uninterrupted period exceeding one year.
(4) Upon the lapsing of the registration of a writ, the Registrar shall, on an application made by the proprietor or of anyone claiming through him in an approved form, cancel the registration of the writ.
(5) The lapsing of the registration of a writ shall not prevent the registration of any instrument executed pursuant thereto and lodged for registration prior to such lapsing.