Where Admiralty proceedings are stayed on the ground that the dispute in question should be submitted to arbitration, the court granting the stay may, if in those proceedings property has been arrested or bail or other security has been given to prevent or obtain release from arrest—
order that the property arrested be retained as security for the satisfaction of any award given in the arbitration in respect of that dispute, or
order that the stay of those proceedings be conditional on the provision of equivalent security for the satisfaction of any such award.
Subject to any provision made by rules of court and to any necessary modifications, the same law and practice shall apply in relation to property retained in pursuance of an order as would apply if it were held for the purposes of proceedings in the court making the order.