Every trustee appointed under N.H. Rev. Stat. § 447:39 shall give bond to the judge of probate for the county in which said real estate or the greater part thereof is situated in such form and for such an amount as the court appointing him may order, and he shall receive and hold, invest or apply the proceeds of any sale made by him for the benefit of the persons who would have been entitled to the real estate if such sale had not been made and apply the proceeds of any mortgage for the benefit of the persons interested in the real estate, subject to the orders and decrees of the court authorizing the same.