Short answer. Yes. The rule expressly preserves the attaching party's right to claim damages against a third-party claimant who filed a frivolous or plainly spurious claim, and that may be pursued in the same action or in a separate one. The exposure is real, though the standard is demanding.
What the law says
prevent the attaching party from claiming damages against a third-party claimant who filed a frivolous or plainly spurious claim, in the same or a separate action
Rule 57, Section 14 — Proceedings where property claimed by third person. Read the full provision →
The right is expressly reserved
The provision that lets a third person assert a claim over attached property ends by preserving rights on both sides. Nothing in it prevents the claimant or any third person from vindicating his claim to the property, and equally nothing in it prevents the attaching party from claiming damages against a third-party claimant who filed a frivolous or plainly spurious claim. The remedy may be pursued in the same action or in a separate one. So the third-party claim procedure is not a cost-free option to be tried on the chance that it works.
The standard is deliberately high
The words used are frivolous or plainly spurious, not merely unsuccessful. A claim made in good faith on a genuine but ultimately weaker title does not become frivolous simply because it fails. What the wording is aimed at is a claim with no real foundation, of the kind sometimes filed to delay execution or to shelter a debtor's assets behind a friendly name. The gap between losing and being penalised is a wide one, and it is meant to be, because the procedure exists to protect genuine owners.
Why the risk exists at all
Consider what the claim sets in motion. Serving the affidavit on the sheriff means the sheriff is not bound to keep the property under attachment unless the attaching party files a bond in a sum not less than the value of the property levied upon. So the attaching party is put to real expense in order to hold on to what may well turn out to be the debtor's own asset. The damages remedy is the counterweight to that, and it explains why the rule bothers to spell it out at all.
What this means before you file
File on the strength of your title, and be able to show it. The rule requires the affidavit to state the grounds of your right or title, so the substance of the claim has to be articulated at the outset in any event. If the basis is genuine, document it and act promptly, since the affidavit must be served while the sheriff still has possession of the attached property. If the basis is not genuine, the procedure carries a cost rather than simply failing quietly.