Felix Frankfurter,
Bank of America National Trust and Savings Association v…
“ The dissenters agreed in applying the doctrine of the Clearfield Trust case to determine the nature of the contract and the rights and duties of the United States as a party but not the rights of private transferees among themselves. They, like the majority, looked to federal law to determine whether the bonds were 'overdue paper' when presented to the First National Bank. They concluded that since the respondent bank knew of the call as to it, the bonds became demand paper and that the bank took the paper an unreasonable length of time after maturity, as advanced by the call. ”
