When any payment of principal or interest has been or shall be made upon any existing contract, whether it be a bill of exchange, promissory note, bond or other evidence of indebtedness, if such payment be made after the same shall have become due, the limitation shall commence from the time the last payment was made.
[Code 1881 § 45; 1877 p 10 § 46; 1854 p 365 § 19; RRS § 177.]