The real estate of a deceased person shall not be liable to be taken in execution upon, and shall not be bound by a judgment against deceased's executor or administrator, unless such judgment is rendered upon a verdict, or an inquisition, or upon the report of referees on a rule of reference entered, upon application of the parties, by the Superior Court, referring all matters in controversy to 3 judicious and impartial freeholders (or more if the parties so request) to be appointed by the Court. Judgment shall be rendered on their report or the report of a majority of them.