Mode of dealing with cheques, etc., levied on

(1) The bailiff shall forthwith deliver to the magistrate any cheques, bills of exchange, promissory notes, bonds or other securities for money which may have been seized or taken under any writ of execution, and the magistrate shall hold them as security for the amount directed to be levied by such execution, or so much thereof as has not been otherwise levied or raised, for the benefit of the party on whose behalf the writ was issued. (2) Such party may sue in the name of the party against whom the writ was issued, or in the name of any person in whose name such latter party might have sued, for the recovery of the sum or sums secured or made payable thereby, when the time of payment thereof has arrived.