(a) The sale of personal property upon which an execution is levied shall be suspended at the instance of any person, other than the defendant in the execution, claiming the property, who shall execute with one (1) or more sureties a bond to the plaintiff in the execution, sufficient for double the property's value to the effect that if it is adjudged that the property or any part of it is subject to the execution, he or she will pay to the plaintiff the value of the property so subject and ten percent (10%) thereon, not exceeding the amount due on the execution and ten percent (10%) thereon.
(b) For the purpose of taking the bond mentioned in subsection (a) of this section, the officer shall select three (3) disinterested householders and administer to them an oath to make a fair appraisal of each article of the property, whose appraisal in writing shall be recited in the bond.
(c) The bond, with the appraisal annexed thereto, shall be returned to the circuit court of the county in which the levy was made.
(d)
(1) The party to whom the bond is executed may move the court to which it is returned for a judgment thereon against all or any of the obligors, or their representatives, having given to them ten (10) days' notice of the motion.
(2) The court shall direct a jury to be impaneled and may cause such issues to be tried as it may prescribe. It may direct which party shall be considered plaintiff in the issue.
(3) If the property, or any part of it, is found subject to the execution, judgment shall be rendered in favor of the plaintiff therein for the value of the property so subject and ten percent (10%) thereon, not exceeding the amount due on the execution and ten percent (10%) thereon.
(4) An execution may be issued upon the judgment forthwith, on which the same endorsement shall be made as on the execution, in virtue of which the property had been seized.
(e) Upon the trial of the motion, either party may object that the property was not fairly appraised. Thereupon, the jury trying the facts shall hear evidence respecting and find the value of the property.
(f) The giving of the bond, mentioned in subsection (a) of this section, shall not discharge the levy of the execution upon the property claimed. But the officer may leave it subject to the lien of the levy with the person in whose possession it was found pending the proceeding on the bond, and may, in the meantime, proceed with the execution against any other property of the defendant.
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