(a) When any county sheriff shall levy a writ of attachment upon property claimed by a person not a party to the writ, the person may make oath to the property. The property shall then be delivered to the claimant upon him or her, or his of her attorney, giving bond in favor of the plaintiff, with good and sufficient security, to be approved by the county sheriff, in a sum double the value of the property attached.

(b) Value shall be ascertained by the oaths of two (2) citizens of the county where the writ is levied, to be chosen by the county sheriff, on the condition that he or she will interplead at the term of the court to which the writ shall be returnable and that he or she will prosecute the interpleader to judgment without delay. If, on the trial of the interpleader, the property shall be found to be the property of the defendant in the writ and the plaintiff shall recover judgment against the defendant, the property shall be delivered to the county sheriff, or his or her successor in office, whenever demanded by the county sheriff, after execution upon the judgment comes to his or her hand to be levied thereon. The bond shall be returned by the county sheriff with the writ.

(c) If any person to whom the property is so returned shall neglect or refuse to deliver the property to the county sheriff in office, in accordance with the condition of the bond, it shall be the duty of the county sheriff, forthwith, to return the writ of fieri facias, issued upon the judgment rendered in the cause, setting forth the fact that the condition of the bond has been broken.

(d) The bond shall, in addition to the provisions of subsections (a)-(c) of this section, contain a condition, that in case the property so levied upon shall not be delivered, the bond shall have the force and effect of a judgment for the amount of the appraised value of the property and the costs of interpleading, if the appraised value is less than the amount of the judgment rendered in favor of the plaintiff against the defendant, and if the appraised value exceeds the amount of the judgment, then for the amount of the judgment, and all the costs, on which judgment execution may be issued against all the obligors thereof.

(e) On the return of the writ of fieri facias, showing the forfeiture of the bond, it shall be the duty of the clerk of the court to which the writ is returned to issue an execution in favor of the plaintiff against all obligors, for the amount which may be due on the forfeited bond, in accordance with the provisions of subsections (a)-(d) of this section.