I. A writ of replevin shall not issue at any stage of the proceedings until the applicant has filed with the court a written undertaking executed by the applicant and secured by a proper assignment or conveyance of one or more sufficient securities, approved by the court, in an amount of double the value of the property, as determined by the court, to prosecute the applicant’s action to completion and, alternatively, for the return of the property to the defendant, if return thereof be ordered, and for the payment to the defendant of any sum as may from any cause arising out of the action be recovered against the applicant.
II. For purposes of this section, securities may include, but shall not be limited to, bonds, letters of credit, security interests, or cash in a form and amount acceptable to the court.