(1) The lienholder shall file with a circuit court having jurisdiction a notice under § 18-45-204 to be posted.
(2) The circuit court shall note in the notice the amount of a bond, for the protection of the debtor or property owner, if the lienholder is not entitled to the lien and for the payment of damages if the sale is wrongfully made.
(3) The lienholder shall file a bond so conditioned and in such sum with the circuit court, and the surety thereon shall be approved by the circuit court before making the sale under this subchapter.