This case was brought before the United States Supreme Court by The Bank of the United States, who were plaintiffs in error. They sought to recover a debt from defendants Herbert G. Waggener, George Wagley and Alexander Miller for $2,000 plus interest due on a promissory note they had signed. The defendants argued that their obligation under the note had been discharged when it was assigned to another party without their consent or knowledge. However, the court found that this assignment did not discharge them from liability as there was no evidence presented showing that they knew about it at any time prior to its maturity date or payment being demanded of them by The Bank of the United States. Ultimately, judgment went in favor of The Bank and against all three defendants for full amount owed plus costs incurred during litigation proceedings.

In the case of The Bank of the United States v. Herbert G. Waggener, George Wagley and Alexander Miller, Chief Justice Taney delivered a dissenting opinion in which he argued that Congress had no authority to incorporate a bank with such extensive powers as those granted by its charter. He believed that this was an unconstitutional delegation of power from Congress to the bank and thus violated Article I Section 8 Clause 18 of the Constitution which states "Congress shall have Power...To make all Laws which shall be necessary and proper for carrying into Execution" certain enumerated powers given to it by the Constitution. Furthermore, Taney argued that even if Congress did possess such power, they could not delegate it away without providing sufficient safeguards against abuse or misuse; something he felt was lacking in this particular instance due to lack of oversight over how funds were used by the bank's directors. In conclusion, Chief Justice Taney concluded his dissent stating that while there may be some utility in having banks like these incorporated under federal law rather than state laws alone, any attempt at doing so must comply with constitutional limits on congressional authority or else risk violating fundamental principles upon which our government is based upon