(a) In all cases relating to executorships, administrations, and guardianships in which the bonds of the executors, administrators, or guardians were lost, destroyed, or burned, it shall be the duty of the circuit court of the county to require all the executors, administrators, or guardians who have not already done so to file in the circuit court a report in which they shall set forth, as far as possible, their proceedings in their executorships, administrations, or guardianships, the amount and conditions of their bonds originally given, and the names of their securities.

(b) After the filing of the report, the circuit court shall immediately order the clerk to issue citations against all the securities named in the report as having been signers of the executor's, administrator's, or guardian's bond, which citations shall command the securities to appear before the circuit court on or before the date specified therein and show cause why the bonds so reported should not be established and reinstated upon the records of the circuit court with like effect as the original bond.

(c) At the return term of the citation, the circuit court shall proceed to hear the allegations and proofs of the parties in case opposition is made to the reinstating of the bond, and shall determine the same as the right thereof shall appear.

(d) If no opposition is made or if the finding of the circuit court shall be against the obligors in the bond, then the circuit court shall order that the copy set forth in the report be reinstated as the original bond, and the copy of the bond shall be recorded by the circuit clerk in the book kept by the circuit clerk in his or her office for that purpose, with a copy of the order reinstating the bond.

(e) No such order shall be entered in any case unless the securities have had thirty (30) days' notice before the commencement of the term of the circuit court at which the citation is returnable.

(f) Any executor, administrator, or guardian who fails to make any report as specified in this section, when required to do so by order of the probate division of the circuit court of the county, within thirty (30) days after the making and entering of the order, and being notified of the order, shall incur the same pains and penalties that are prescribed by law for failure to make any settlement required by existing laws. The probate division of the circuit court, at the next succeeding term after such a failure, shall revoke the executor's, administrator's, or guardian's letters, and the executor's, administrator's, or guardian's powers shall thenceforth cease.