In all cases where official bonds are required or may be hereafter required, from state, county, township, or precinct officers, the officer or officers whose duty it is or may be to approve such bonds, shall not accept or approve any such bonds except such bond be that of a surety company, unless the sureties thereon shall severally justify before an officer authorized to administer oaths as follows: (1) On a bond given by a state or county officer that he or she is a resident and freeholder within this state, and on a bond given by a township or precinct officer that he or she is a resident and freeholder within the county in which such township or precinct is situated. (2) That he or she is worth double the amount for which he or she becomes surety over and above all his or her debts and liabilities, in property situated within this state which is not exempt from seizure and sale under execution.