(a) Filing; Surety. Every bond shall be filed with the clerk. Unless otherwise expressly provided, there shall be a surety on every bond filed.

(b) Approval. Except as provided in this section, a bond is subject to approval by the clerk as to form, amount, and surety. If the clerk refuses to approve the bond, if an adverse party objects in writing to the bond, or if a rule requires that the court approve the bond, the bond is subject to approval by the court, after notice and an opportunity for any hearing the court may direct.

(c) Bond in Name of State. When the obligees on a bond are numerous, the court may permit a bond to be given in the name of the State for the benefit of the obligees. Any independent action on the bond or proceeding pursuant to Rule 1-404 shall be brought in the name of the State for the benefit of the party in interest.

(d) Increase or Decrease in Face Amount of Bond. At any time for good cause shown, the court may require an increase or decrease in the face amount of a bond. The approval of a new bond does not discharge a bond previously filed from any liability which accrued before the change was approved.

Cross reference: For limits on the amount of a supersedeas bond and remedies pertaining to dissipation or diversion of assets, see Code, Courts Article, § 12-301.1.

(e) Security Instead of Surety. Instead of a surety on a bond, the court may accept other security for the performance of a bond, including letters of credit, escrow agreements, certificates of deposit, marketable securities, liens on real property, and cash deposits. When other security is accepted, it may not be released except upon order of court entered after notice to all parties.

(f) Additional or Different Collateral Security. Upon a finding that the collateral security originally deposited, pledged, or encumbered is insufficient to ensure collection of the penalty sum of the bond, the court, on motion or on its own initiative and after notice and opportunity for hearing, may require additional or different collateral security.

(g) Recording. Every approved bond shall be recorded by the clerk.