In an action involving the property of a party before the court by constructive service alone, the court shall adjudicate the rights of the parties in the judgment and shall retain control over and preserve, for one year after the entry of the judgment, any property of which the constructively summoned party has been deprived thereby, or the proceeds thereof, unless prior to the expiration of that period the successful party executes a bond in a penal sum fixed by the court at not less than the fair market value of such property, with surety approved by the court. The condition of the bond shall be that if the constructively summoned party institutes a proceeding to obtain relief from the judgment within one year after its entry, the principal will comply with any new judgment concerning such property entered in such proceeding. If a bond is executed, or in the absence of a bond if no such proceeding is brought within the one year period, the property or its proceeds shall be disposed of in accordance with the judgment. If the original action involves persons having distinct interests, the bond may be executed for each according to his interest.