Sec. 1. A personal representative is not required to execute and file a bond relating to the duties of his office unless:

     (1) the will provides for the execution and filing of such a bond; or

     (2) the court finds, on its own motion or on petition by an interested person, that a bond is necessary to protect creditors, heirs, legatees, or devisees.

Formerly: Acts 1953, c.112, s.1101; Acts 1971, P.L.408, SEC.1; Acts 1975, P.L.288, SEC.17.