Charles Boyer plays the part of Walter Saxel, reprising his 1941 Universal Pictures film roll.

Rae Smith is a simple store worker who meets and falls in love with wealthy and handsome Walter Saxel. However, Walter Saxel is already betrothed to another and has to catch the boat home. From the boat landing he decides he is making a mistake and wants to Marry Rae. He calls her to meet him at the boat landing and she tries to get to him but is too late and sees the boat sailing off. 

Five years later Walter is a successful banker, married with a son when he bumps into Rae in New York. They have never stopped loving each but a divorce for Walter would mean losing his son and his successful banking position in Uncle Felix's bank. Unable to stop seeing each other Rae becomes his mistress but it seems they are destined to never be together.