(2) The clerk shall issue to such employer a certificate stating that the bond or letter of credit is substituted in lieu of the property of said employer and that the lien on said property is forever released and discharged. A marginal entry of said release and bond or letter of credit shall be made in the lien docket containing the original record of statement of claim.
(3) If the director establishes the validity of the lien by a suit to foreclose the same, the director is entitled to judgment against the sureties upon said bond or against the issuer of the letter of credit. [Amended by 1991 c.331 §98; 1997 c.631 §518; 2003 c.576 §532]