(1) Prior to the issuance of letters and except as provided in § 28-48-206, the court or the clerk, subject to approval or rejection by the court, shall take a bond from the personal representative with two (2) or more sufficient sureties who are residents of this state, or a corporate surety authorized to do business in this state, for the benefit of the interested parties. The bond shall be in an amount fixed by the court not less than double the amount or, if the surety is corporate, then not less than the amount, of the estimated value of the property which may reasonably be expected to pass through the hands of the personal representative.
(2) When two (2) or more persons are appointed personal representatives of the same estate and are required by the provisions of the Probate Code to give a bond, the court may require either a separate bond from each or one (1) bond from all of them.
(3) No personal representative shall be deemed a surety for another personal representative unless the terms of the bond so provide.