At the conclusion of the hearing, the court shall give judgment determining the validity of the third party claim and may order the disposition of the property or its proceeds in accordance with the respective interests of the parties. (CCP 720.390) The judgment is conclusive between the parties to the proceeding
If it is determined in the hearing on the third party claim that the debtor has an interest in the property that may be levied upon or otherwise applied to the satisfaction of the judgment, and the property has been released for failure of the creditor to file an undertaking or because the third person filed an undertaking to release, the property may be again levied upon or otherwise sought to be applied to the satisfaction of the judgment. (CCP 720.430)
If the property in the possession of the levying officer is ordered released by the court, follow the procedures in 6-31/530.00 Party To Whom Property is Released, unless otherwise ordered by the court.