The database server can handle only a fixed number of prepared SQL statements for each user. This limit includes statements that were prepared with the PREPARE statement and cursors that were declared with the DECLARE statement. This statement (PREPARE, DECLARE, or PREPARE IMMEDIATE) exceeds that limit and is not executed. The FREE statement releases prepared statements. Review the logic of your program, and change it so that it frees prepared statements when it no longer needs them.
Version 5.0 and later database servers do not have this restriction. However, programs that must be compatible with earlier versions should use FREE to stay under the limit.