A releasable locking system for a subterranean tool uses a split housing for a body lock ring that in one mode is retained for its normal locking function by a setting sleeve. The setting sleeve holds the potential energy in the housing that would otherwise cause the housing to grow radially and away from a locking function. The locking is defeated as a surrounding setting sleeve with a recess is moved to juxtapose the recess with the segmented housing allowing the housing to spring into the recess and away from lock ring engagement that previously maintained the locked position. The tool can be released and removed to a surface location.