(a) A guardian may be required to give a new bond if:
(1) a surety on a bond dies, removes beyond the limits of this state, or becomes insolvent;
(2) in the court's opinion:
(A) the sureties on a bond are insufficient; or
(B) a bond is defective;
(3) the amount of a bond is insufficient;
(4) a surety on a bond petitions the court to be discharged from future liability on the bond; or
(5) a bond and the record of the bond have been lost or destroyed.
(b) A person interested in the guardianship may have the guardian cited to appear and show cause why the guardian should not be required to give a new bond by filing a written application with the county clerk of the county in which the guardianship proceeding is pending. The application must allege that:
(1) the bond is insufficient or defective; or
(2) the bond and the record of the bond have been lost or destroyed.