If it appear that such execution or order of sale ought to be stayed, set aside or quashed, and the petitioner enter into recognizance, with sufficient sureties, in such sum as shall be reasonable, to be taken and approved by such judge, conditioned that if such application be finally determined against such petitioner he will pay the debt, damages and costs, or damages and costs, to be recovered by such execution or order of sale, or render in execution all his property liable to be seized and taken or sold, by such writ or order of sale, or that the sureties will do it for him, then such judge shall make an order for the stay of the execution or order of sale, as aforesaid; but all the property, real and personal, bound by such execution or order of sale, shall remain bound as if no such stay had been granted.