If the penalty of a recognizance or bond, acknowledged or executed as mentioned in § 7501 of this title, is not adequate to cover all the damages sustained on occasion of the breaches of the condition thereof, and such damages are sustained by several persons, such persons shall stand in priority according to the respective dates of commencing the actions for their uses respectively. A failure to use due diligence in prosecuting any action, shall deprive it of such priority, and postpone it to all the actions pending at the time of such failure, such failure to be determined and certified by the court.

Code 1852, § ?2581; Code 1915, § ?4512; Code 1935, § ?4964; 10 Del. C. 1953, § ?7505;