Title 44, Chapter 14, Section 364
( 44-14-364)
(a) When any person entitled under this part to claim a lien against
any real estate located in this state files his lien in the office
of the clerk of the superior court of the county in which the real
estate is located, the owner of the real estate or the contractor
employed to improve the property may, before or after foreclosure
proceedings are instituted, discharge the lien by filing a bond in
the office of that clerk. The bond shall be conditioned to pay to
the holder of the lien the sum that may be found to be due the
holder upon the trial of any action that may be filed by the
lienholder to recover the amount of his claim within 12 months from
the time the claim becomes due. The bond shall be in double the
amount claimed under that lien and shall be either a bond with good
security approved by the clerk of the court or a cash bond, except
in cases involving a lien against residential property, in which
event the bond shall be in the amount claimed under the lien. Upon
the filing of the bond provided for in this Code section, the real
estate shall be discharged from the lien. With respect to property
bonds, the clerk shall not accept any real property bond unless the
real property is scheduled in an affidavit attached thereto setting
forth a description of the property and indicating the record owner
thereof, including any liens and encumbrances and amounts thereof,
the market value, and the value of the sureties' interest therein,
which affidavit shall be executed by the owner or owners of the
interest; the bond and affidavit shall be recorded in the same
manner and at the same cost as other deeds of real property. So long
as the bond exists, it shall constitute a lien against the property
described in the attached affidavit. (b) The clerk of the superior court shall have the right to rely
upon the amount specified in the claim of lien in determining the
sufficiency of any bond to discharge under this Code section. The
failure to specify both the amount claimed due under the lien and
the date said claim was due shall result in such lien not
constituting notice for any purposes. |