Bond requirements.

A. No bond is required of a personal representative appointed in informal proceedings, except: (1) upon the appointment of a special administrator; (2) when a personal representative is appointed to administer an estate under a will containing an express requirement of bond; or (3) when bond is required under Section 3-605 [45-3-605 NMSA 1978]. B. Bond may be required by court order at the time of appointment of a personal representative appointed in any formal proceeding, except that bond is not required of a personal representative appointed in formal proceedings if the will relieves the personal representative of bond, unless bond has been requested by an interested person in accordance with Section 3-605 and the district court so orders. Bond required by any will may be dispensed with in formal proceedings upon determination by the district court that it is not necessary. C. No bond is required of any personal representative who, pursuant to statute, is exempt or has deposited cash or collateral with an agency of New Mexico to secure performance of his duties.