When any owner of a registered farm desires to cancel its registered name, the owner shall write on the back of the certificate the following: "This name is canceled, and I hereby release all rights thereunder," and shall sign such statement in the presence of a witness and file the same in the office of the commissioner of agriculture and food. For such filing the commissioner of agriculture and food shall charge a fee determined by the commissioner pursuant to Section 63J-1-504, which shall be paid to the General Fund. The commissioner of agriculture and food shall, when such certificate so endorsed has been filed in the commissioner's office, write on the margin of the register of such name the word "canceled."
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