Area 13 of your own Government Home loan Financial Work, and therefore exempts government financial finance companies in addition to their « advances » off county taxation, pubs a state out of requiring a national discounts and you will mortgage organization to blow documentary stamp taxes towards the promissory cards performed by association and only a federal financial financial to cover money regarding lender with the organization. Pp. 365 You. S. 518 -524.
Laurens Given. S. & L. Assn. v. Income tax Fee, 365 U.S. 517 (1961)
(a) The newest immune protection system granted so you’re able to « advances » out-of a national mortgage bank by the § thirteen of the Federal Home loan Lender Operate is wide sufficient so you’re able to bar state stamp taxation to the such as that loan. Pittman v. Family Owners’ Mortgage Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.
(b) Part 5(h) of the property Owners’ Financing Act of 1933, which provides you to no County should taxation a national discounts and you may financing relationship in the a higher level than just they taxes other similar regional mutual or cooperative thrift and home financing associations, failed to expressly otherwise impliedly repeal § thirteen of the Federal Financial Lender Act, and this exempts « advances » off government home loan banks away from condition income tax. Pp. 365 U. S. 522 -524.
U.S. Ultimate Judge
Area 13 of the Government Mortgage Bank Operate, hence exempts government home loan banks as well as their « advances » regarding state tax, pubs your state from requiring a federal coupons and you may mortgage association to expend documentary stamp taxation with the promissory notes performed by relationship and only a national mortgage bank to fund financing on the bank to the relationship. Pp. 365 You. S. 518 -524.
Laurens Fed. S. & L. Assn. v. Tax Fee, 365 You.S. 517 (1961)
(a) This new immune protection system offered so you can « advances » away from a federal mortgage financial by § thirteen of the Federal Mortgage Bank Work is broad enough in order to bar state stamp fees towards the including a loan. Pittman v. Family Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.
(b) Area 5(h) of the house Owners’ Mortgage Operate regarding 1933, that provides one to zero Condition will income tax a national coupons and you will mortgage organization on a higher level than just they taxation most other equivalent regional mutual otherwise cooperative thrift and you can home financing associations, didn’t expressly otherwise impliedly repeal § 13 of the Federal Financial Financial Work, and therefore exempts « advances » out-of federal financial finance companies regarding county tax loans Dadeville. Pp. 365 U. S. 522 -524.
Petitioner try a national Discounts and you will Financing Association structured under the Home Owners’ Loan Work out-of 1933 [Footnote step one] and you may working in Laurens, South carolina. It is quite a part, with borrowing benefits, of the Federal Home loan Lender of Greensboro, New york, that has been founded within the Federal Financial Financial Work off 1932. [Footnote 2] For the intended purpose of and then make home loan money obtainable in town that it caters to, petitioner Federal Offers and you will Mortgage Association have, since the August several, 1953, safeguarded « advances, » otherwise money, about Government Home loan Lender out of Greensboro totalling $5,675,000, whereby petitioner carried out composed promissory cards to the Lender as the required by brand new 1932 Work. The official examined against petitioner documentary stamp taxation in these notes out of $dos,270 significantly less than your state law towering good stamp tax towards promissory cards on speed from four cents on each $100. [Footnote 3] Petitioner paid down this type of fees less than protest and then delivered the present step from the state legal for refund of your own commission, [Footnote 4] claiming your imposition of the fees constituted an unlawful try by the Condition to help you income tax this new « advances » of one’s Federal Mortgage Bank off Greensboro when you look at the citation regarding the provision of your own 1932