No action shall be brought upon any recognizance taken in the Chancery Court, with condition for the payment of the appraised value or purchase money of lands or tenements, against any surety in such recognizance, or the heirs, terre-tenants, executors, or administrators, of such surety, after the expiration of 3 years from the time when the value, or money, mentioned in the condition, or the last installment thereof (when it is payable by installments), is due.