Sec. 1. (a) Any personal property taken in execution may be returned to the execution defendant by the sheriff, upon the delivery by the defendant to the sheriff of a written undertaking described in subsection (b).
(b) The written undertaking must be:
(1) payable to the execution plaintiff, with sufficient surety to be approved by the sheriff; and
(2) to the effect that the property shall be delivered to the sheriff at a time and place named in the undertaking, to be sold:
(A) according to law; or
(B) for the payment to the sheriff of the fair value of the property.