(a)
(1) The owner of personal estate taken in execution may give to the officer levying on the personal estate an obligation, with good surety, to have the property forthcoming at the time and place of sale, specifying in the obligation each article of property and its value.
(2) The obligation may be in substance as follows:
"Witness our hands, this .… day of ....., 20 ......"
(3) Upon the giving of the obligation, the officer shall return the possession of the property, so taken in execution, to the defendant, to remain with him or her, at his or her own risk and expense, until the time specified for its delivery.
(b)
(1) If the defendant fails to pay or stay the amount of the execution and fails to deliver so much of the property specified in the forthcoming obligation or other property in its place, as is sufficient to satisfy the execution and all costs and commissions, the officer shall return the execution and bond to the office from which the execution was issued and endorse on the execution the levy, the giving of the bond, and the particular property which is not forthcoming, and the other facts.
(2) The surety on the bond shall be liable only for the value of the property specified in the bond, which is not forthcoming, with interest thereon, from the date of the bond, and accruing costs.
(3) If the property specified in the forthcoming bond is not of value sufficient to satisfy the execution and all costs and commissions, the proper officer may issue another execution and credit the execution with the value of the property specified in the bond.
(c) An officer taking a forthcoming bond, who shall fail to return the bond to the proper officer for twenty (20) days, after the failure to comply on the part of the defendant shall, with his or her sureties, be liable to the plaintiff for the amount of the execution, costs, and commission, and twenty percent (20%) thereon, to be recovered by action against any one (1) or more of them or their representatives.
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