Area 13 of your own Government Mortgage Financial Operate, which exempts federal financial banking institutions and their « advances » regarding condition tax, bars your state out-of demanding a national discounts and you can mortgage association to expend documentary stamp taxation into promissory notes executed from the connection in support of a national home loan bank to cover fund regarding the financial towards the relationship. Pp. 365 You. S. 518 -524.
Laurens Provided. S. & L. Assn. v. Income tax Commission, 365 You.S. 517 (1961)
(a) The fresh immunity system offered so you can « advances » from a federal home loan lender from the 13 of Government Mortgage Lender Act was wider sufficient to pub state stamp taxes with the particularly that loan. Pittman v. Domestic Owners’ Loan Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.
(b) Area 5(h) of the house Owners’ Mortgage Operate out of 1933, that gives that zero County shall tax a federal offers and financing relationship during the a high rate than simply they taxation other equivalent local common otherwise cooperative thrift and you can a home loan institutions, did not expressly or impliedly repeal thirteen of your Government Mortgage Financial Act, and therefore exempts « advances » from federal home loan financial institutions out-of county taxation. Pp. 365 U. S. 522 -524.
You.S. Finest Court
Part thirteen of one’s Government Mortgage Financial Act, and therefore exempts government home loan financial institutions and their « advances » off county tax, pubs a state out-of demanding a national savings and you will financing connection to blow documentary stamp taxation to the promissory notes done of the connection in support of a national mortgage financial to cover finance regarding bank on association. Pp. 365 U. S. 518 -524.
Laurens Given. S. & L. Assn. v. Tax Fee, 365 You.S. 517 (1961)
(a) The new immune protection system granted so you can « advances » regarding a federal home loan bank from the 13 of Government Mortgage Bank Operate try wide sufficient so you’re able to bar condition stamp fees for the including financing. Pittman v. Family Owners’ Financing Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.
(b) Part 5(h) of the property Owners’ Mortgage Act out-of 1933, which provides you to zero Condition shall taxation a federal savings and you may mortgage connection during the a higher rate than it fees most other equivalent regional mutual otherwise cooperative thrift and you may a home loan organizations, did not explicitly or impliedly repeal thirteen of your own Federal Home loan Lender Act, which exempts « advances » off government home loan financial institutions of state income tax. Pp. 365 U. S. 522 -524.
Petitioner are a national Coupons and Loan Association planned within the Family Owners’ Loan Act away from 1933 [Footnote step one] and you will doing business into the Laurens, Sc. It is also a part, that have borrowing from the bank privileges, of your Federal Mortgage Lender off Greensboro, Vermont, that has been based according to the Government Financial Lender Act regarding 1932. [Footnote 2] With regards to and then make mortgage money available in the community it suits, petitioner Government Coupons and you can Financing Relationship keeps, as August 12, 1953, shielded « improves, » otherwise money, see this throughout the Government Home loan Lender from Greensboro totalling $5,675,000, which petitioner conducted written promissory cards into the Bank since required by brand new 1932 Work. The official assessed facing petitioner documentary stamp fees on these notes regarding $dos,270 below your state law imposing a great stamp tax towards promissory cards in the rates away from five dollars on every $100. [Footnote step three] Petitioner paid back such taxation under protest and then produced today’s action regarding county judge for reimburse of one’s percentage, [Footnote 4] claiming your imposition of your own taxes constituted a criminal test by the State so you’re able to income tax the brand new « advances » of your own Federal Financial Financial regarding Greensboro during the solution out-of the fresh new provision of one’s 1932
