§ 2503 — Undertaking of more than one thousand dollars; real property; lien

§ 2503. Undertaking of more than one thousand dollars; real property;\nlien. (a) Creation of lien. Unless the court orders otherwise, an\nundertaking in an amount of more than one thousand dollars, which is not\na deposit of legal tender of the United States or in face value of\nunregistered bonds of the United States or of the state, upon which\nnatural persons are surety shall be secured by real property located in\nthe state which shall be worth the amount specified in the undertaking\nexclusive of all encumbrances. Such undertaking shall create a lien on\nthe real property when recorded in the individual surety bond liens\ndocket in the office of the clerk or register of the county where the\nreal property is located.\n (b) Affidavit of surety. The affidavit of the surety shall contain, in\naddition to the information required by subdivision (a) of section 2502:\n 1. a statement that the surety or sureties is or are the sole owner or\nowners of the real property offered as security;\n 2. a description of the property, sufficiently identified to establish\nthe lien of the undertaking;\n 3. a statement of the total amount of the liens, unpaid taxes, and\nother encumbrances against each property offered; and\n 4. a statement of the assessed value of each property offered, its\nmarket value, and the value of the equity over and above all\nencumbrances, liens and unpaid taxes.\n (c) Filing of affidavit; recording. A duplicate original of the\naffidavit required by this rule shall be filed in the office of the\nclerk or register of the county where the real property is located. The\nfollowing information shall be entered on the individual surety bond\nliens docket in the office of the clerk or register of the county where\nthe real property is located:\n 1. the names of the sureties listed in alphabetical order;\n 2. the amount of the undertaking;\n 3. a description of the real property or properties offered as\nsecurity thereunder, sufficiently identified to clearly establish the\nlien of the undertaking;\n 4. the date of such recording;\n 5. the title of the action, proceeding or estate; and\n 6. the court in which the papers are filed.\n (d) Release of lien. The clerk or register of the county where the\nproperty is located shall make an entry, which shall constitute a\nrelease of the lien for all purposes and as to all persons, upon\n 1. the filing of a consent acknowledged by the person for whose\nbenefit the undertaking was given in the form required to entitle a deed\nto be recorded; or\n 2. the order of the court, discharging the surety, made upon motion\nwith such notice to other persons as the court may direct.\n