(a) Whenever it shall appear to the chancery court of any county, upon the petition of any interested person, that there is of record any unsatisfied lien by virtue of any assessment of benefits or mortgage created under the authority of any general or special road improvement district laws of this state, and that all assessments, bonds, or other obligations of the road improvement district, to secure the payment thereof, have been paid; or that such improvement has been completed or abandoned without the issuance of bonds and there are no unpaid obligations of that district, but there remains of record the unsatisfied lien of assessment of benefits against the lands within that district, the chancery court shall, if it finds the allegations of the petition to be true, enter an order cancelling the unsatisfied liens of assessment and setting aside any judgment theretofore rendered in the court for foreclosure of any delinquent assessments, penalties, and costs then remaining unsatisfied. The court shall also have the power to cancel, set aside, and hold for naught any title held by any district coming under the terms and provisions of this section.

(b) Upon the rendition of the order or decree by the chancery court, the circuit clerk or chancery clerk, as the case may be, is empowered and directed to enter upon the proper record in his office a satisfaction of the mortgage, delinquent assessment of benefits, or other court order or instrument creating a lien against the lands within the district, and a release of the lien thereunder.