§ 536-A:14 — Retention of Property Upon Filing Security

I. At any time prior to the hearing of the order to show cause, or before the delivery of the property to the plaintiff, the defendant may require the return thereof upon filing with the court a written undertaking executed by the defendant and secured by a proper assignment or conveyance of one or more sufficient securities, approved by the court, to the effect that the defendant shall be bound in double the value of the property, as stated in the verified complaint of the applicant, or as determined by the court, for the delivery thereof to the applicant and for the payment to the applicant of such sum as may for any cause be recovered against the defendant. At the time of filing such undertaking, the defendant shall serve upon the applicant or the applicant's attorney a notice of filing of such undertaking, to which a copy of such undertaking shall be attached, and shall cause proof of service thereof to be filed with the court. If such undertaking be filed prior to hearing of the order to show cause, proceedings thereunder shall terminate, unless exception is taken to the adequacy or sufficiency of the securities. If, at the time of filing of such undertaking, the property shall be in the custody of the levying officer, such property shall be redelivered to the defendant 5 days after service of notice of filing such undertaking unless objected to by the applicant or the applicant's attorney.
II. For purposes of this section, securities may include, but shall not be limited to, bonds, letters of credit, security interests, or cash in a form and amount acceptable to the court.

Legislative History

1973, 467:1. 1999, 132:2, eff. Jan. 1, 2000.