(a) If the plaintiff resides out of the Virgin Islands or is a foreign corporation, the defendant may serve a notice requiring security for the costs which may be awarded against the plaintiff. After the service of such a notice, all proceedings in the action shall be stayed until security is given by the plaintiff.
(b) Upon proof that the original security is insufficient, the court may order that new or additional security be given.
(c) Security shall be given under this section either—
(1) after notice by filing with the clerk an undertaking with sufficient sureties to the effect that they will pay such costs as may be awarded against the plaintiff by judgment, or in the progress of the action, not exceeding the sum of $1000; or
(2) pursuant to court order by making a deposit with the clerk such additional sum as the Court may direct.
(d) The court may dismiss the action if security is not given within 30 days after the service of a notice requiring security or an order requiring new or additional security.
(e) Whenever more than one defendant is named, the undertaking shall be increased not to exceed $500 for each additional defendant in whose favor such undertaking is ordered, not to exceed a total of $3,000.
(f) This section shall not apply to an action commenced in the small claims division of the Superior Court.