No bond is required of a personal representative appointed in formal or informal proceedings, except (1) upon the appointment of a special administrator without notice having been given, (2) when an executor or other personal representative is appointed to administer an estate under a will containing an express requirement of bond, (3) when bond is requested prior to appointment, by an interested party, or (4) 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. Bond required pursuant to this section may be dispensed with upon a determination by the court that it is not necessary.