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From Bouvier's Law Dictionary, Revised 6th Ed (1856) :

  APPLICATION. The act of making a request for something; the paper on which
  the request is written is also called an application; as, an application to
  chancery for leave to invest trust funds; an application to an insurance
  company for insurance. In the land law of Pennsylvania, an application is
  understood to be a request in writing to have a certain quantity of land at
  or near a certain place therein mentioned. 3 Binn. 21; 5 Id. 151; Jones on
  Land Office Titles, 24.
       2. An application for insurance ought to state the facts truly as to
  the object to be insured, for if any false representation be made with a
  fraudulent intent, it will avoid the policy. 7 Wend. 72.
       3. By application is also meant the use or disposition of a thing; as
  the application of purchase money.
       4. In some cases a purchaser who buys trust property is required, to
  see to the application of thee purchase money, and if be neglects to do so,
  and it be misapplied, he will be considered as a trustee of the property he
  has so purchased. The subject will be examined by considering, 1, the kind
  of property to be sold; 2, the cases where the purchaser is bound to see to
  the application of the purchase money in consequence of the wording of the
  deed of trust.
       5.-1. Personal property is liable, in the hands of the executor, for
  the payment of debts, and the purchaser is therefore exempted from seeing to
  the application of the purchase money, although it may have been bequeathed
  to be sold for the payment of debts. 1 Cox, R. 145; 2 Dick. 725; 7 John. Ch.
  Rep., 150, 160; 11 S. & R. 377, 385; 2 P. Wms. 148; 4 Bro. C. C. 136;
  White's L. C. in Eq. 54; 4 Bouv. Inst. n. 3946.
       6. With regard to real estate, which is not a fund at law for the
  payment of debt's, except where it is made so by act of assembly, or by
  direction in the will of the testator or deed of trust, the purchaser from
  an executor or trustee may be liable for the application of the purchase
  money. And it will now be proper to consider the cases where such liability
       7.-2. Upon the sale of real estate, a trustee in whom the legal title
  is vested, can it law give a valid discharge for the purchase money, because
  he is the owner at law. In equity, on the contrary, the persons among whom
  the produce of the sale is to be distributed are considered the owners; and
  a purchaser must obtain a discharge from them, unless the power of giving
  receipts is either expressly or by implication given to the trustees to,
  give receipts for the purchase money. It is, for this reason, usual to
  provide in wills and trust deeds that the purchaser shall not be required to
  see to the application of the purchase money.

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