A petition to enter an appeal shall not issue until a Justice of the Supreme Court, the presiding judge, or a district judge of the court having jurisdiction of the same, as the case may be, has taken sufficient security by way of recognizance to the adverse party, which shall be minuted on the summons or petition, conditioned that, if the petitioner fails to prosecute his or her petition to effect or finally to recover in the action, he or she will pay the adverse party the intervening damages and costs accruing to him or her by reason of such petition. (Amended 1971, No. 185 (Adj. Sess.), § 54, eff. March 29, 1972.)