When the bond required shall not exceed One Thousand Dollars ($1,000.00), or after July 1, 1986, when such bond shall not exceed Five Hundred Dollars ($500.00), it shall be retained by the justice court and the proceeding upon its breach shall be instituted at the instance of the aggrieved party by the justice court and shall be, as nearly as may be, as provided for such case in the circuit court. Any such bond taken by the sheriff, and not exceeding the amount stated above, shall be delivered to the clerk of the justice court which required it. If the party giving bond takes an appeal to the circuit court, such bond shall be delivered, with the other papers in the case, to the clerk of the circuit court, as in other cases of appeal, although the amount of the bond shall not exceed the amount stated above, and such bond shall thereafter remain in said court, and for any breach thereof may be prosecuted in said court as if the amount of its penalty exceeded the amount stated above.
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