(1) The Registrar shall, on application in the prescribed form and on proof of

(a) payment in whole or in part for the debt for which the charge was created, or

(b) the release of the whole or part of the property charged, enter a memorandum of release of debt in the Register and furnish the borrower with a copy of the memorandum.

(2) The memorandum shall specify whether the charge is released in whole or in part.