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(1) No bond is required of a personal representative appointed in formal or informal proceedings, except:
(a) upon the appointment of a special administrator without notice having been given;
(b) when an executor or other personal representative is appointed to administer an estate under a will containing an express requirement of bond;
(c) when bond is requested prior to appointment, by an interested party; or
(d) when bond is required under Section 75-3-605. No bond is required of any personal representative who is exempted from bond under Title 7, Financial Institutions Act.
(2) A bond required pursuant to this section may be dispensed with upon a determination by the court that it is not necessary.