(a) If the owner of property, or the owner of any interest therein, sought to be charged with a claim of lien, or any original contractor or subcontractor disputes the correctness or validity of any claim of lien, he may record in the office of the recorder in which the notice of lien was recorded, either before or after the commencement of an action to enforce such claim of lien, a notice of a bond executed by a corporation authorized to issue surety bonds in the Virgin Islands, in a penal sum equal to 1½ times the amount of the claim or 1½ times the amount presumptively allocated under section 255 of this title to the parcel or parcels of real property sought to be released, which bond shall be conditioned for the payment of any sum which the claimant may recover on the claim together with his costs of suit in the action, if he recovers therein. Upon the recording of such bond the real property described in such bond is released from the lien and from any action brought to foreclose such lien. The principal upon such bond may be either the owner of the property or the owner of any interest therein, or any original contractor, subcontractor, or subsubcontractor affected by such claim of lien. The person procuring the bond shall mail a copy of the bond by registered or certified mail to the claimant of the lien sought to be released.
(b) Release of the real estate from the lien under this section does not otherwise affect the rights of the claimant and he may proceed to establish his claim under this chapter and, upon determination that he is entitled to a lien, the court shall order the surety company to pay the sums found to be due.