If a sheriff is instructed by a judgment creditor to levy on tangible personal property by seizing the property for later sale or by securing the property under ORS 18.880 (Alternative procedure for levying on tangible personal property) for later sale, the sheriff may permit the judgment debtor to retain custody and use of all or part of the property until the sale is made if the judgment debtor files with the sheriff a good and sufficient bond or irrevocable letter of credit indemnifying the sheriff against any loss to the sheriff by reason of failure of the judgment debtor to deliver the property at the time and place of sale. The bond or irrevocable letter of credit must be in an amount equal to twice the value of the property, as estimated by the sheriff. A sheriff is not discharged from liability to the judgment creditor for property by reason of the filing of a bond or letter of credit under this section. [2005 c.542 §14]
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