(a) The undertaking to release property shall contain a description of the property to be released and shall describe the interest of the third person.
(b) The undertaking shall be made in favor of the creditor and shall provide that, if the debtor is finally adjudged to have an interest in the property levied upon, the third person shall pay to the creditor the lesser of the following:
(1) The amount required to satisfy the judgment against the debtor of the creditor who had the lien on the property.
(2) A sum equal to the market value of the debtor’s interest in the property levied upon.
(c) Except as provided in subdivision (d) and unless the third person elects to file an undertaking in a larger amount, the amount of the undertaking shall be the lesser of the following amounts:
(1) Twice the market value of the property sought to be released.
(2) Twice the amount of the creditor’s lien on the property sought to be released.
(d) If the creditor has given an undertaking in response to the third person’s claim regarding the property pursuant to Section 720.160 or 720.260, the third person’s undertaking shall be in the amount of the creditor’s undertaking.
(Added by Stats. 1982, Ch. 1364, Sec. 2. Operative July 1, 1983, by Sec. 3 of Ch. 1364.)