Laurens Given. S. & L. Assn. v. Tax Payment, 365 You.S. 517 (1961)

Area thirteen of one’s Federal Mortgage Bank Act, and this exempts federal home loan banking institutions as well as their « advances » from county income tax, bars a state off requiring a national offers and you can loan relationship to invest documentary stamp taxes towards the promissory cards carried out by relationship and only a federal mortgage financial to pay for finance regarding bank on the connection. Pp. 365 U. S. 518 -524.

Laurens Given. S. & L. Assn. v. Income tax Commission, 365 U.S. 517 (1961)

(a) The latest disease fighting capability granted so you can « advances » off a national mortgage lender because of the 13 of your own Federal Financial Financial Act is wide adequate so you’re able to club state stamp taxation to the such as for instance that loan. Pittman v. Household Owners’ Mortgage Corp., 308 You. S. 21 . Pp. 365 You. S. 519 -522.

(b) Section 5(h) of the house Owners’ Mortgage Work out of 1933, that gives one to no State shall income tax a national deals and financing organization within a higher level than simply it fees most other equivalent local shared or collaborative thrift and you will a mortgage institutions, did not expressly otherwise impliedly repeal 13 of one’s Government Mortgage Financial Work, and that exempts « advances » of government financial banking companies out-of county tax. Pp. 365 U. S. 522 -524.

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Section 13 of the Federal Financial Financial Work, and therefore exempts government mortgage banks and their « advances » out of county taxation, taverns a state off demanding a federal coupons and you will loan relationship to expend documentary stamp fees into the promissory notes conducted of the organization in favor of a national financial bank to cover fund on the lender toward relationship. Pp. 365 U. S. 518 -524.

Laurens Provided. S. & L. Assn. v. Income tax Fee, 365 You.S. 517 (1961)

(a) The immunity supplied so you’re able to « advances » of a national mortgage bank because of the thirteen of your own Government Financial Lender Act try greater enough in order to bar state stamp taxes with the eg that loan. Pittman v. House Owners’ Loan Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.

(b) Point 5(h) of the house Owners’ Loan Work out-of 1933, that gives one no State will income tax a national savings and you may loan connection during the a high rate than just it taxes other equivalent regional mutual otherwise collaborative thrift and you can a home loan institutions, don’t expressly otherwise impliedly repeal thirteen of the Federal Home loan Bank Operate, hence exempts « advances » of federal home loan financial institutions off state taxation. Pp. 365 You. S. 522 -524.

Petitioner is actually a federal Discounts and you will Loan Relationship organized beneath the Domestic Owners’ Financing Act away from 1933 [Footnote 1] and you may working inside the Laurens, South carolina. It is reasonably a member, with borrowing benefits, of your Federal Home loan Bank out-of Greensboro, North carolina, which was created within the Federal Financial Financial Operate from 1932. [Footnote 2] For the intended purpose of and then make financial money available in the city it serves, petitioner Government Coupons and Loan Association provides, because the August several, 1953, covered « enhances, » or finance, throughout the Government Financial Bank regarding Greensboro totalling $5,675,000, where petitioner executed created promissory cards into the Financial once the necessary for the fresh 1932 Operate. The official reviewed against petitioner documentary stamp taxation within these notes off $2,270 under your state statute towering an effective stamp taxation into the promissory cards during the rates from five dollars for each $100. [Footnote Glendale loans 3] Petitioner paid off this type of fees under protest immediately after which brought today’s action regarding the county courtroom getting refund of your percentage, [Footnote 4] stating that the imposition of fees constituted a criminal shot because of the State in order to income tax the fresh « advances » of the Government Home loan Bank from Greensboro in pass regarding the brand new supply of one’s 1932