§807. Stay of execution; release bonds
A. In any case where a writ of provisional seizure has been issued for the seizure of such offending vessel, the sheriff shall stay the execution of process, or if the process has been levied, shall discharge the seized vessel, and deliver it to the claimant thereof if the claimant has waived objection to jurisdiction in the cause in which the writ of provisional seizure was issued, and on receiving from the claimant a bond or stipulation in an amount one and one-half times that claimed by the plaintiff, with sufficient surety to be approved by the sheriff to whom the writ of provisional seizure has been directed, conditioned to satisfy any judgment rendered in the cause in which the writ of provisional seizure has been issued.
B. However, if the suit is for unliquidated damages, the claimant of the offending vessel, in lieu of furnishing a bond in an amount one and one-half times that of the plaintiff's claim, may apply to the judge of the court in which the proceeding is pending for a reduction of the amount of the bond, and the judge is authorized in his discretion, and after such summary proceedings as he may direct, to fix the amount of the bond at that sufficient to adequately secure the payment of the injury, loss, or damage which has been suffered by the plaintiff.
C.(1) In any case where the amount claimed by the plaintiff exceeds the then fair value of the offending vessel, the claimant may without waiving objection to jurisdiction apply to the court to appoint, and thereupon the court shall appoint, two competent appraisers to ascertain the then fair value of the offending vessel and report the same to the court, reserving to either party the right to contest the valuation so fixed in a summary proceeding on competent evidence to be submitted to the court, whereupon the court shall determine the then fair value of the vessel and shall fix the bond at such sum, and if it will be less than one and one-half times the plaintiff's claim, the claimant of the offending vessel may have it delivered to him upon giving bond in the amount so fixed by the court, and any judgment rendered in said cause shall be executory only up to the amount of the bond so furnished.
(2) The release bond shall be returned by the sheriff to the court, and if the plaintiff recovers a judgment it shall be rendered in solido against the claimant of the vessel, the principal, and the surety on the release bond.
Acts 1997, No. 578, §3.
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