(a)

(1) Whenever a garnishment is issued in any action before judgment, the defendant may have the garnishment discharged and all funds or property of his or hers in the hands of the garnishee released therefrom by filing with the clerk of the court a bond in double the amount for which the garnishment was issued that he or she will pay any judgment which may finally be rendered against him or her in the action.

(2) Upon judgment being rendered against the defendant, summary judgment may be rendered against the sureties in the bond.

(b) The bond provided for in this section shall be executed as surety by some surety company authorized to transact business in the State of Arkansas or by at least two (2) individuals who are residents and citizens of the county in which the suit is pending. In addition, each of them shall be the owner of real estate located in the county, worth over and above all encumbrances against the property and all exemptions allowed by law to the surety, a sum equal to or in excess of the amount of the bond so executed.

(c) Before any clerk shall approve any bond so presented, he or she shall require that the sureties on the bond, if they are individuals, to qualify on the bond by making oath to the facts required in subsection (b) of this section. If any person shall knowingly swear falsely in the affidavit, he or she shall be deemed guilty of perjury and be punished accordingly.

(d) The clerk shall satisfy himself or herself of the sufficiency of the bond before he or she shall approve it. If the clerk shall approve the bond, he or she shall file it and shall issue a notice directed to the garnishee notifying him or her of the filing and approval of the bond and the release of the garnishment. The notice shall be signed by the clerk, bear the seal of the court, and be served on the garnishee by the county sheriff or constable, and return shall be made thereon as in cases of other writs of process.