Upon a bond taken by a probate court, the surety, or his or her heirs, executors, or administrators, may at any time make written application to the court for relief from further liability on the bond, and thereupon the court shall cause reasonable notice of the application to be given to the principal on the bond and to all persons whom the court shall find to be directly interested in the estate for the security of which the bond was given, to appear and be heard upon the application. If it appears that the petition can be granted without prejudice to the estate, the court may order the principal to give, within such time as it may limit, a new probate bond; and if the order is not complied with, may remove him or her and appoint a successor. If the new bonds be duly given and approved, the surety on the original bond and his or her representatives shall not be liable for any breach thereafter committed, nor shall the surety or sureties on the succeeding bond be liable for any default occurring prior to the approval of the new bond. In any case where the surety upon any bond has become liable on the bond, he or she shall have liberty to institute any proper suit against his or her principal for his or her protection.