Part thirteen of your own Government Financial Bank Act, hence exempts federal mortgage finance companies and their “advances” away from condition taxation, pubs a state off requiring a national discounts and you can loan connection to expend documentary stamp fees to the promissory cards executed because of the https://paydayloanalabama.com/dutton/ organization and only a national financial financial to fund money in the financial to the organization. Pp. 365 U. S. 518 -524.
Laurens Given. S. & L. Assn. v. Income tax Percentage, 365 U.S. 517 (1961)
(a) This new immunity system granted so you’re able to “advances” of a federal mortgage bank because of the § 13 of your own Federal Mortgage Lender Act try wide enough to help you bar state stamp taxation toward such as for instance that loan. Pittman v. Home Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.
(b) Section 5(h) of the house Owners’ Loan Operate of 1933, that gives you to definitely zero County should taxation a federal savings and you will mortgage relationship during the a high rate than simply they taxation most other similar regional common otherwise collaborative thrift and a mortgage institutions, don’t expressly otherwise impliedly repeal § thirteen of your Government Home loan Bank Operate, and therefore exempts “advances” regarding federal mortgage banks from condition income tax. Pp. 365 U. S. 522 -524.
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Part 13 of your own Federal Mortgage Bank Operate, and this exempts government financial banking institutions in addition to their “advances” out-of county tax, taverns a state away from demanding a federal discounts and you will financing association to blow documentary stamp taxation to your promissory cards done because of the connection and only a federal home loan lender to pay for finance regarding the financial towards the relationship. Pp. 365 You. S. 518 -524.
Laurens Fed. S. & L. Assn. v. Income tax Fee, 365 You.S. 517 (1961)
(a) The brand new defense mechanisms offered so you’re able to “advances” out-of a national financial lender by the § 13 of your Government Home loan Bank Operate try greater adequate to club state stamp taxes towards such as for example that loan. Pittman v. Family Owners’ Mortgage Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.
(b) Part 5(h) of the home Owners’ Loan Work from 1933, which provides you to no County shall taxation a national coupons and you will loan relationship from the a higher level than simply it fees almost every other equivalent local shared or collaborative thrift and you may a mortgage institutions, failed to expressly or impliedly repeal § thirteen of the Government Mortgage Bank Act, which exempts “advances” off federal financial banks off county tax. Pp. 365 You. S. 522 -524.
Petitioner is actually a national Discounts and you will Financing Organization organized according to the Home Owners’ Mortgage Operate regarding 1933 [Footnote step 1] and you will working in Laurens, South carolina. It’s very an associate, that have borrowing privileges, of Federal Home loan Lender of Greensboro, Vermont, which had been built according to the Federal Mortgage Financial Act away from 1932. [Footnote 2] With regards to while making financial money for sale in the city it suits, petitioner Government Deals and you can Mortgage Organization possess, since August a dozen, 1953, protected “advances,” or finance, on the Government Home loan Financial out of Greensboro totalling $5,675,000, in which petitioner executed composed promissory notes towards Bank because the necessary for new 1932 Act. The state reviewed up against petitioner documentary stamp fees throughout these cards regarding $dos,270 lower than your state statute imposing a beneficial stamp taxation on promissory cards in the rate from four dollars on each $100. [Footnote 3] Petitioner reduced these fees around protest following brought the present step on the condition judge getting refund of commission, [Footnote cuatro] stating that the imposition of the fees constituted an unlawful shot from the State so you can income tax the fresh “advances” of Government Mortgage Financial away from Greensboro for the violation of the new provision of the 1932