Section 107. Discharge of lien before issue of warrant

When any notice of
  lien shall have been filed under this article and no  warrant  has  been
  issued  to  enforce  the  same, any person interested in the vessel, may
  apply to any justice of the supreme court for  leave  to  discharge  the
  lien  upon giving an undertaking therefor to the lienor. The application
  shall be in writing, and shall state the amount of the lien claimed  and
  the  grounds  of  the  defense  thereto,  and  the  names of the persons
  proposed  as  sureties  on  such  undertaking,  with  their   respective
  residences and places of business. Upon presenting such application with
  proof  that  a copy thereof, with at least five days' notice of the time
  and place of presenting the same, has been served upon the lienor,  such
  justice  may, if no just cause be shown in opposition thereto, authorize
  the execution of such undertaking, which shall be to the same effect  as
  an  undertaking  required  in  this  article  upon  the  application  to
  discharge a warrant, and an  action  may  be  brought  thereon  in  like
  manner. At the time of the presentation of such application the sureties
  proposed  in  such  undertaking  shall justify before such justice. When
  such undertaking has been executed and  approved  by  such  justice  and
  delivered  to  the  lienor, the justice shall direct the clerk with whom
  the notice of lien is filed to mark the same as discharged, and it shall
  cease to be a lien upon such vessel.