(a) The court may at any time increase or decrease the amount of the bond required of a personal representative when good cause appears.
(b) At its discretion and subject to subsequent revocation, the court may dispense with the requirement of a bond when, by the terms of the will, the testator directed or requested that no bond be required of the personal representative.
(c)
(1) Except with respect to a nonresident administrator, the court, at its discretion and subject to subsequent revocation, may reduce the amount of bond which would otherwise be required or dispense with the requirement of a bond:
(A) If the personal representative is a bank or a trust company whose deposits are insured by the Federal Deposit Insurance Corporation or a trust company chartered and regulated by an appropriate state authority; or
(B) When all distributees are competent and have filed their written waiver of the requirement of bond, and the petition shall recite that there are no known unsecured claims.
(2) However, if any person asserting a claim against the estate or having or claiming any interest in the estate files a written demand, the personal representative shall give bond as required in § 28-48-201 or in such other amount as the court shall direct after considering the amount of the alleged claim or asserted interest, but, if it is shown to the court that the alleged claim is invalid or has been paid or that the person alleging the interest in the estate has, in fact, no interest therein, then bond shall not be required.