This case was a dispute between the administrator of a deceased man's estate and the First National Bank of Toledo. The administrator of the estate, Thompson, claimed that the bank had wrongfully taken money from the estate. The bank argued that the money was taken as a result of a loan that the deceased had taken out with the bank. The Supreme Court ruled in favor of the bank. The Court found that the bank had acted in good faith and that the loan was valid. The Court also found that the bank had not acted in a manner that was contrary to the law. The Court held that the bank was entitled to the money that it had taken from the estate. The Court's decision was based on the principle that a bank is entitled to the repayment of a loan that has been taken out in good faith. The Court also held that the bank had acted in accordance with the law and that the administrator of the estate had not provided sufficient evidence to prove that the bank had acted in bad faith.

In Thompson & Another, Administrator v. First National Bank of Toledo, the Supreme Court was asked to decide whether a bank could be held liable for failing to pay out funds from an account belonging to a deceased person when presented with letters of administration issued by the probate court. The majority opinion found that banks are not required to honor such documents and can instead rely on their own internal procedures in determining who is entitled to receive payments from accounts belonging to deceased persons. However, Justice Field dissented from this decision and argued that banks should have been held accountable for honoring letters of administration as they had been doing so since 1845 without any legal challenge or controversy until now. He further noted that it would be unfair if banks were allowed "to set up new rules" which would allow them "to refuse payment upon these instruments." In conclusion, Justice Field believed that the bank should have honored the letter of administration and paid out funds accordingly due to its long-standing practice prior to this case being brought before the court.