If the bond of an executor or an administrator, whether taken at the time of the grant of letters or afterwards, be insufficient, the court or chancellor or clerk may, on five days' notice to the executor or administrator, require him to give a new bond; and in default thereof the letters shall be revoked and administration de bonis non granted to some competent person. If such new bond be given, it shall be cumulative security and shall bind the obligors therein for past as well as future liabilities.