The National Park Bank of New York, Appellant v. the Seaboard Bank, Respondent

Summary

The Court affirmed the lower court, holding that title to commercial paper does not pass to a correspondent bank absent an express agreement, that a bank acting as an agent is not liable to repay a mistaken payment once it has remitted the funds to its principal before notice of the mistake, and that payments on a general account are applied to the oldest outstanding items.