When real estate is subject to a contingent or vested remainder, executory devise or power of appointment, the superior court for the county in which said real estate is situated may, upon petition of any person who has an estate in possession, remainder or reversion in such real estate, and after notice and other proceedings as provided in RSA 477:40 and 477:41, appoint one or more trustees, and authorize him or them to sell or mortgage and convey such estate or any part thereof in fee simple if such sale, mortgage or conveyance appears to the court to be necessary or expedient, and such conveyance shall be valid and binding upon all parties.
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