Any time after the notice of pendency of an action has been filed for record pursuant to § 15-10-1 or other law, the court in which the action is pending may, upon motion of a party to the action supported by affidavit, order that the notice be expunged if the moving party gives an undertaking, in such amount and within such time as is fixed by the court after notice and hearing. The undertaking shall require the moving party to indemnify the party who recorded the notice for all damages which he may incur: (1) If the notice is expunged and the moving party does not prevail; and (2) If the court finds that adequate relief can be secured to the party recording the notice by the giving of the undertaking.
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