When a person who has entered into a contract to sell real estate and thereafter dies or whenever a person who has entered into such a contract shall be adjudged insane, incompetent or a spendthrift, before deeds or conveyances have been executed, the guardian of such person or the trustee or executor under the will, or the administrator of the estate, as the case may be, is authorized and empowered to execute, duly acknowledge and deliver deeds or conveyance of the contracted premises, pursuant to the terms of such contract with like effect as if the party contracting to convey had himself executed and delivered such deeds or conveyance.

In case a deed is made under the authority of this statute, it should contain a reference to the date and respective parties to the contract in pursuance of which it purports to have been made, and a copy of the original contract under which the grantee named in such deed or conveyance, makes this claim and if any assignment of the contract has been made, under which such grantee claims, such assignment shall be annexed to it and embodied in every such deed or conveyance and shall be deemed part and parcel thereof and as such shall be recorded therewith. If the purchaser of the premises or his assignee shall have become deceased, the deed or conveyance for the contracted premises may be issued in the name of such deceased person and a copy of the contract may be executed and issued to and in the name of such deceased person and when so executed and issued shall have the same effect as though it had been executed and delivered during the lifetime of such person or his assigns.36