When not required

(a) Corporate personal representative.--No bond shall be required of: (1) A bank and trust company or of a trust company incorporated in this Commonwealth. (2) A national bank having its principal office in this Commonwealth. (3) A foreign corporate fiduciary or a national bank having its principal office out of this Commonwealth, otherwise qualified to act if the laws of the state in which it is incorporated or in which the national bank is located provide a similar exemption for corporations existing under the laws of this Commonwealth. (b) Individual personal representative.--Unless a bond is ordered by the court or is required by the will, if any, no bond shall be required of an individual personal representative who: (1) Is named in the will as an original or successor personal representative and: (i) is a resident of this Commonwealth; (ii) has been excused from filing a bond by the express direction of the testator in his will; or (iii) is not a resident of this Commonwealth but will serve with a resident co-personal representative of whom no bond is required if the petition for letters includes an averment that all assets will remain in the custody and control of the resident co-personal representative. (2) Is not named in the will, if any, as an original or successor personal representative but is a resident of this Commonwealth and is either the sole residuary legatee or next of kin or is the nominee of all residuary legatees or next of kin who are adult and sui juris.