1. Whenever any lien or liens are fixed or attempted to be fixed under the provisions of this chapter, then the owner of the property on which the lien or liens are claimed or the contractor or subcontractor through whom such lien or liens are claimed, or either of them, may file a bond with the recorder of the county in which the property is located as herein provided. Such bond must describe the property on which lien or liens are claimed, must refer to the lien or liens claimed in a manner sufficient to identify them, must be in double the amount of the claimed lien or liens referred to, and must be payable to the party or parties claiming same. Such bond must be executed by the party filing same as principal and by a corporate surety authorized under the laws of this state to execute such bonds as surety and must be conditioned substantially that the principal and surety will pay to the obligees named or their assigns the amounts of the liens so claimed by them with all costs in the event same are proven to be liens on such property. 2. Upon the filing of such bond, the person that posted the bond shall send a notice thereof, together with a copy of the bond, to all obligees named therein, by registered or certified mail addressed to such obligees at the address set forth in their respective claims for lien. 3. Such notice, when mailed, must be filed for record by the recorder, and any purchaser or lender may rely upon the record of such bond and notice in acquiring any interest in said property and is absolutely protected thereby. 4. Such bond, when filed, takes the place of the property against which any claim for lien referred to in such bond is asserted. At any time within the period of time provided in section 35 -24-14, any person claiming such lien may sue upon such bond but no action may be brought upon such bond after the expiration of such period. One action upon said bond does not exhaust the remedies thereon but each obligee or assignee of an obligee named therein may maintain a separate suit thereon in any court having jurisdiction. 5. In case the lienholder recovers in a suit upon the bond, the lienholder is entitled to recover a reasonable attorney's fee, to be fixed by the court, which must be taxed as costs in the action.
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