Section 13 of one’s Federal Financial Lender Act, hence exempts federal home loan banking companies as well as their “advances” regarding county tax, pubs a state off demanding a national discounts and you will loan organization to pay documentary stamp taxes to the promissory notes performed of the connection in support of a national mortgage bank to pay for funds on financial for the organization. Pp. 365 You. S. 518 -524.
Laurens Given. S. & L. Assn. v. Taxation Payment, 365 You.S. 517 (1961)
(a) This new immune protection system supplied so you’re able to “advances” out of a national financial bank by the § thirteen of your Federal Home loan Lender Work try broad adequate in order to bar state stamp taxation on such as for example that loan. Pittman v. Family Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.
(b) Part 5(h) of the home Owners’ Financing Work of 1933, that provides you to zero County should tax a national offers and mortgage association at a high rate than just they taxation most other equivalent local shared otherwise collaborative thrift and you can home financing associations, don’t explicitly otherwise impliedly repeal § thirteen of one’s Government Home loan Lender Act, and that exempts “advances” away from government home loan financial institutions of condition taxation. Pp. 365 You. S. 522 -524.
U.S. Supreme Courtroom
Section thirteen of one’s Government Home loan Bank Operate, and therefore exempts government home loan banks and their “advances” regarding county taxation, taverns a state off requiring a national coupons and loan association to spend documentary stamp taxation on the promissory cards carried out because of the association in support of a federal home loan lender to pay for financing regarding the financial into organization. Pp. 365 You. S. 518 -524.
Laurens Given. S. & L. Assn. v. Taxation Fee, 365 U.S. 517 (1961)
(a) The immune protection system offered to help you “advances” out-of a federal financial financial from the § 13 of the Federal Mortgage Financial Operate are wider adequate to help you club state stamp taxes on the such as financing. Pittman v. Family Owners’ Financing Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.
(b) Point 5(h) of the house Owners’ Mortgage Operate regarding 1933, which provides you to definitely no County shall income tax a national deals and you can loan relationship at the a high rate than just they taxation other equivalent local shared or collaborative thrift and you may a mortgage associations, failed to expressly otherwise impliedly repeal § 13 of the Government Financial Lender Work, hence exempts “advances” of government home loan banks off condition income tax. Pp. 365 U. S. 522 -524.
Petitioner was a federal Offers and you can Mortgage Organization prepared beneath the Home Owners’ Financing Operate of 1933 [Footnote step 1] and working when you look at the Laurens, Sc. It is quite a member, with borrowing from the bank rights, of your Government Home loan Bank from Greensboro, North carolina, which had been oriented underneath the Federal Mortgage Lender Work out of 1932. [Footnote dos] For the intended purpose of and make home loan money in the community which it provides, petitioner Federal Savings and Financing Connection enjoys, as the August 12, 1953, secure “improves,” or finance, throughout the Government Mortgage Bank of Greensboro totalling $5,675,000, wherein petitioner executed created promissory cards on the Lender because the necessary for the latest 1932 Act. The state reviewed against petitioner documentary stamp taxation in these notes from $dos,270 below your state statute towering a good stamp tax for the promissory cards from the rate out-of four dollars on every https://paydayloanalabama.com/east-brewton $100. [Footnote step three] Petitioner paid back these fees not as much as protest then put the present action about state judge to own reimburse of one’s fee, [Footnote cuatro] saying that imposition of one’s fees constituted an unlawful try from the County so you can tax the brand new “advances” of your Federal Financial Financial from Greensboro in solution of the fresh new supply of one’s 1932