Sec. 5. Each personal surety shall execute and file with the court an affidavit that he owns real property, subject to execution, of a value over and above his liabilities, equal to the amount of the bond, and shall include in such affidavit the total amount of his obligations as surety on other official or statutory bonds.
If the amount of the bond exceeds $1,000, the affidavit shall also state:
(a) An adequate description of the real property within this state offered by him as security.
(b) The total amount of the liens, unpaid taxes, other bonds executed and other encumbrances on the property so offered by him as security.
(c) The assessed and market value of such property and the value of the surety's equity over and above all encumbrances, liens, and unpaid taxes.
(d) That the equity in such property so offered is equal to the amount of the bond.
The only provision of this section which shall apply in counties in this state having a population of less than fifty thousand (50,000) according to the last preceding United States census, is the provision that each personal surety shall execute and file with the court an affidavit that he owns real property, subject to execution, of a value over and above his liabilities, including contingent liabilities equal to the amount of the bond.
Formerly: Acts 1953, c.112, s.1105.
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