(1) If the right to replevy exists and is not exercised, sales under execution shall be on a credit of three (3) months, upon the purchaser giving bond with good surety to the plaintiff in execution for the payment of the sale money, bearing interest from date.
(2) The bond shall be in substance as follows: "We, A B, principal, and C D, surety, do bind ourselves to pay to E F, within three (3) months from the date hereof, the sum of $ ...., with interest thereon from this date, being the purchase money for (here set out the several items of the property so purchased, with the price of each) which was this day sold by G H, sheriff (or constable and so forth, as the case may be), of .... County, in satisfaction of an execution which issued from the office of the clerk of the .... court on the .... day of ...., in favor of E F against M O, for the sum of $ ...., debt of damages, with interest and costs. Given under our hands this .... day of .... 19..."