The person to whom administration is granted, at or prior to the granting thereof, shall take and prescribe the following oath: “I do swear that ____, deceased, died without any will, as far as I know or believe, and that I, if and when appointed, will well and truly administer all the goods, chattels, and credits of the deceased, and pay his debts as far as his goods, chattels, and credits will extend and the law requires me, and that I will make a true and perfect inventory of the said goods, chattels, and credits, and a just account, when thereto required. So help me God.”

“I do swear that ____, deceased, died without any will, as far as I know or believe, and that I, if and when appointed, will well and truly administer all the goods, chattels, and credits of the deceased, and pay his debts as far as his goods, chattels, and credits will extend and the law requires me, and that I will make a true and perfect inventory of the said goods, chattels, and credits, and a just account, when thereto required. So help me God.”

He shall give bond in a penalty equal to the value of all the personal estate, with such sureties as may be approved by the court or clerk, payable to the state, with condition in form or to the effect following, to wit: “The condition of this bond is, that if the above bound ____, as administrator of the goods, chattels, rights, and credits of ____, deceased, shall faithfully discharge all the duties required of him by law, then this obligation shall be void.”

“The condition of this bond is, that if the above bound ____, as administrator of the goods, chattels, rights, and credits of ____, deceased, shall faithfully discharge all the duties required of him by law, then this obligation shall be void.”

The chancellor, in termtime or in vacation, may waive or reduce the bond if the administrator is the decedent’s sole heir or if all the heirs are competent and present their sworn petition to waive or reduce such bond.