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U.S. Code as of:
01/19/04
Section 2464. Security; special bond
(a) Except in cases of seizures for forfeiture under any law of
the United States, whenever a warrant of arrest or other process in
rem is issued in any admiralty case, the United States marshal
shall stay the execution of such process, or discharge the property
arrested if the process has been levied, on receiving from the
respondent or claimant of the property a bond or stipulation in
double the amount claimed by the libellant, with sufficient surety,
to be approved by the judge of the district court where the case is
pending, or, in his absence, by the collector of the port,
conditioned to answer the decree of the court in such case. Such
bond or stipulation shall be returned to the court, and judgment or
decree thereon, against both the principal and sureties, may be
secured at the time of rendering the decree in the original case.
The owner of any vessel may deliver to the marshal a bond or
stipulation, with sufficient surety, to be approved by the judge of
the district court, conditioned to answer the decree of such court
in all or any cases that are brought thereafter in such court
against the vessel. Thereupon the execution of all such process
against such vessel shall be stayed so long as the amount secured
by such bond or stipulation is at least double the aggregate amount
claimed by libellants in such suits which are begun and pending
against such vessel. Similar judgments or decrees and remedies may
be had on such bond or stipulation as if a special bond or
stipulation had been filed in each of such suits.
(b) The court may make necessary orders to carry this section
into effect, particularly in giving proper notice of any such suit.
Such bond or stipulation shall be indorsed by the clerk with a
minute of the suits wherein process is so stayed. Further security
may be required by the court at any time.
(c) If a special bond or stipulation in the particular case is
given under this section, the liability as to said case on the
general bond or stipulation shall cease. The parties may stipulate
the amount of the bond or stipulation for the release of a vessel
or other property to be not more than the amount claimed in the
libel, with interest, plus an allowance for libellant's costs. In
the event of the inability or refusal of the parties to so
stipulate, the court shall fix the amount, but if not so fixed then
a bond shall be required in the amount prescribed in this section.
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