At any time prior to the hearing of the order to show cause, or before the delivery of the property to the plaintiff, the defendant may require the return thereof upon filing with the court a written undertaking executed by two (2) or more sufficient sureties, to the effect that they are bound in double the value of the property, as stated in the verified complaint or affidavit of the plaintiff or as determined by the court, for the delivery thereof to the plaintiff, if such delivery be ordered, and for the payment to him of such sum as may for any cause be recovered against the defendant. At the time of filing such undertaking, the defendant shall serve upon the plaintiff or his attorney and the sheriff, if such property shall then be in the custody of the sheriff, a notice of filing of such undertaking, to which a copy of such undertaking shall be attached, and shall cause proof of service thereof to be filed with the court. If such undertaking be filed prior to hearing of the order to show cause, proceedings thereunder shall terminate, unless exception is taken to such sureties. If, at the time of filing of such undertaking, the property shall be in the custody of the sheriff, such property shall be redelivered to the defendant five (5) days after service of notice of filing such undertaking upon the plaintiff or his attorney, unless exception is taken to such sureties.