No bond shall be required of a personal representative prior to receiving letters, except:
(1) When an executor or other personal representative is appointed to administer an estate under a will containing an express requirement of bond; or
(2) When bond is required by order of the Court of Chancery under § 1524 of this title.
A bond otherwise required by any will may be dispensed with upon determination by the Court of Chancery that it is not necessary or desirable.