On the motion of an obligor in such bond, after reasonable notice to the plaintiff, his attorney-at-law or agent, the court may order bond to be given, with sufficient surety, in a penalty equal to the penalty of the former bond, payable to the applicant and with condition to indemnify and save harmless the applicant against all loss or damage, in consequence of executing the former bond. If the bond required under this section is not given within such time as the court may prescribe, it may order the suit to be dismissed.

Code 1950, § 14-183; 1964, c. 386, § 14.1-186; 1998, c. 872.