Tasmanian Consolidated Acts Tasmanian Consolidated Acts
(1) A caution lapses, unless it sooner ceases to have effect, at the expiration of a period of 20 years after the date on which the land was brought under this Act or the repealed Act.
(2) Where a caution lapses under this section the Recorder shall as soon as practicable cancel the caution.
(3) The lapsing of a caution under this section operates to free the land in respect of which it lapsed from any estates and interests that affected the land at the date on which it was brought under this Act or the repealed Act, except an estate or interest which is preserved by section 40, section 46, section 117(4), or section 119(4) or which was immediately before the lapsing –
(a) recorded on the relevant folio of the Register; or
(b) the subject of a caveat affecting the land comprised in that folio.