71-3-553. Action upon bond -- period of limitation same. (1) When a bond is filed prior to the service of a complaint in an action to foreclose upon a construction lien as allowed in 71-3-551, the person filing the construction lien may bring an action upon the bond.

(2) The action must be commenced within the time allowed for the commencement of an action upon foreclosure of a lien, and the statute of limitations applicable to a lien foreclosure applies to an action upon the bond as it would had a bond not been filed.