19.2-377 - Bond by owner or lienor to secure possession. - Virginia Statutes

§ 19.2-377. Bond by owner or lienor to secure possession.

If the owner or lienor of the seized property shall desire to obtainpossession thereof before the hearing on the information filed against thesame, such property shall be appraised by the sheriff of the county or cityin which the court where such information is filed is located, who shallpromptly inspect and appraise the property, under oath, at its fair cashvalue, and forthwith make return thereof in writing, to the clerk's office ofthe court in which the proceedings are pending. Upon the return, the owner orlienor may give a bond payable to the Commonwealth, in a penalty of theamount equal to the appraised value of the property plus the court costswhich may accrue, with security to be approved by the clerk, and conditionedfor the performance of the final judgment of the court, on the trial of theinformation, and with a further condition to the effect that, if upon thehearing on the information, the judgment of the court be that such property,or any part thereof, or such interest and equity as the owner or lienor mayhave therein, be forfeited, judgment may thereupon be entered against theobligors on such bond for the penalty thereof, without further or otherproceedings against them thereon, to be discharged by the payment of theappraised value of the property so seized and forfeited and costs, upon whichjudgment, execution may issue, on which the clerk shall endorse, "nosecurity to be taken." Upon giving of the bond, the property shall bedelivered to the owner or lienor.

(Code 1950, § 19.1-364; 1960, c. 366; 1975, c. 495.)