If an assessment or installment thereof which is paid by endorsement upon a bond is delinquent and in the hands of the county treasurer for collection, then the receipt issued by the clerk may be presented by the registered holder of the bond to the county treasurer. The county treasurer shall thereupon endorse upon his records the satisfaction and discharge of the delinquent installments upon the property described in the receipt. Thereafter the property shall be free and discharged from all further lien for such installments of assessment.