5. BANK OF AMERICA NATIONAL TRUST & SAVINGS ASSOCIATION v. PARNELL, 352 U.S. 29, 77 S.Ct. 119, 1 L.Ed.2d 93 (1956), involved the question of whether defendants had taken bearer bonds, guaranteed by the United States, in good faith, without knowledge or notice of their defects in title. In declining to endorse a federal common law rule of liability, the Supreme Court explained:

Securities issued by the Government generate immediate interests of the Government. *

* * But they also radiate interests in transactions between private parties. The present litigation is purely between private parties and does not touch the rights and duties of the United States. The only possible interest of the United States in a situation like the one here, exclusively involving the transfer of Government paper between private persons, is that the floating of securities of the United States might somehow or other be adversely affected by the local rule of a particular State regarding the liability of a converter. * * *