A surety, or his committee, or personal representative, in a bond, other than the bond of a commissioner or receiver, given under a decree or order of a court for the payment of money, if no suit be pending for the recovery thereof, may file his petition in the court which rendered or made the decree or order, or to which the case has been removed, for a bond of indemnity. The petition shall state that the petitioner has reason to believe that he, or the estate he represents, is likely to suffer pecuniary loss in consequence of such suretyship and the grounds of such belief and shall be verified by affidavit. Upon the filing of the petition and proof of reasonable notice to the principal in the bond and all the parties in interest, the court may require such indemnifying bond, with satisfactory sureties, to be given within a time to be prescribed. If such bond be given, it shall be with condition and shall bind the obligors therein to indemnify the sureties in the former bond against all loss or damage in consequence of such former bond. If such bond be not given, the court, on the request of such surety, personal representative or committee, if the money be due and payable, or whenever the same becomes due and payable, shall order suit to be brought for its recovery and prosecuted to judgment and by execution.