(a) In every case, the court or judge granting an injunction shall specify in the order therefor an amount, for which the party obtaining it shall give security in a bond to the party enjoined, before the injunction shall become effectual. The amount of the bond shall be sufficient to cover all the probable damages and costs that may be occasioned by the injunction.
(b) The court or judge may prescribe the effect of the bond, so as to secure to the party enjoined the damages to which he or she may become entitled if it is finally decided that the injunction ought not to have been granted.
(c)
(1) Where the injunction is to stay proceedings upon a judgment or final order for money, the amount for which security is required shall be sufficient to cover, with other damages, the sum enjoined, with five (5) years' interest thereon.
(2) When the injunction is to stay proceedings upon a judgment for property, the amount specified in the order shall be sufficient to cover also the rent, hire, or value of the use thereof for two (2) years; and in case of personal property, its value likewise.
(d) The order of injunction shall not be issued by the clerk until the bond mentioned in subsections (a)-(c) of this section has been executed in his or her office by one (1) or more sufficient sureties of the party obtaining the injunction.
(e)
(1) Where the injunction is to stay proceedings upon a judgment or final order, the bond shall be to the effect that the party obtaining the injunction will satisfy the judgment or order, or so much of it as is enjoined, to the extent to which the injunction may be dissolved and that he or she will also satisfy any modified judgment or order that may be rendered or made in lieu of it, or so much of it as exceeds the amount left unenjoined.
(2) In other cases, unless otherwise directed by the court or judge, the bond shall be to the effect that the party giving it will pay to the party enjoined such damages as he or she may sustain if it is finally decided that the injunction ought not to have been granted.
(f)
(1) In case of injunction to stay proceedings upon a judgment or final order, the officer granting the injunction may authorize a bond to be executed to the effect that the party obtaining the injunction will pay to the party enjoined such damages as he or she may sustain if it is finally decided that the injunction ought not to have been granted.
(2) However, if, at the time the injunction is granted and bond executed, any execution or attachment has been levied upon the property of the party obtaining the injunction, the levy shall not be discharged by reason of the injunction, but it shall remain in full force until the final decision as to the injunction unless the party obtaining the injunction shall give bond in the form prescribed by law.
(g) Sureties in injunction bonds shall be taken by the clerk, under the same responsibilities as in other cases of sureties taken by him or her.
(h)
(1) A party enjoined may, at any time before judgment, upon reasonable notice to the party who has obtained the injunction, move the court for additional security on behalf of the party enjoined.
(2) If it appears on the notice that the surety in the injunction bond has removed from this state, or is insufficient, the court may vacate the order of injunction unless in a reasonable time sufficient security is given.