Area thirteen of your Federal Home loan Bank Act, which exempts federal mortgage banking institutions in addition to their “advances” out-of condition income tax, pubs a state from requiring a federal deals and you may financing connection to pay documentary stamp fees towards promissory cards performed because of the relationship and only a national financial financial to fund financing throughout the bank to the connection. Pp. 365 U. S. 518 -524.
Laurens Provided. S. & L. Assn. v. Income tax Fee, 365 You.S. 517 (1961)
(a) New disease fighting capability supplied so you can “advances” regarding a federal financial bank by thirteen of Government Financial Bank Work is large enough to club condition stamp taxes on eg that loan. Pittman v. Household Owners’ Loan Corp., 308 You. S. 21 . Pp. 365 You. S. 519 -522.
(b) Section 5(h) of the property Owners’ Loan Act off 1933, that gives you to zero State will income tax a national offers and you can financing association on a high rate than it fees most other equivalent local shared or collaborative thrift and you may a home loan institutions, failed to expressly or impliedly repeal 13 of your own Government Financial Lender Act, and this exempts “advances” off government financial banking companies of condition tax. Pp. 365 U. S. 522 -524.
You.S. Finest Court
Section 13 of your Federal Mortgage Financial Act, which exempts federal mortgage banking companies as well as their “advances” out of county income tax, taverns your state away from demanding a federal offers and mortgage relationship to blow documentary stamp taxes to your promissory cards carried out by the connection and only a national mortgage lender to fund finance on the financial to the connection. Pp. 365 U. S. 518 -524.
Laurens Given. S. & L. Assn. v. Taxation Commission, 365 You.S. 517 (1961)
(a) This new immunity granted so you’re able to “advances” out of a national financial financial by 13 of your own Federal Home loan Financial Work was large adequate to help you americash loans Talladega Springs club state stamp taxes into the such as for instance financing. Pittman v. Domestic Owners’ Mortgage Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.
(b) Section 5(h) of the home Owners’ Financing Work away from 1933, that gives that no Condition should income tax a national deals and you will loan association within a higher level than just it fees other comparable local common or collaborative thrift and you can a mortgage establishments, didn’t expressly otherwise impliedly repeal thirteen of the Government Financial Financial Operate, hence exempts “advances” regarding government home loan banking companies off county tax. Pp. 365 You. S. 522 -524.
Petitioner is a national Savings and you can Mortgage Connection organized in Household Owners’ Financing Act out of 1933 [Footnote step 1] and you may conducting business within the Laurens, Sc. It is also a member, that have borrowing from the bank rights, of the Federal Financial Bank off Greensboro, Vermont, which was situated beneath the Government Mortgage Financial Act of 1932. [Footnote 2] For the true purpose of and then make mortgage money found in town that it provides, petitioner Government Savings and you can Loan Association enjoys, just like the August twelve, 1953, protected “advances,” otherwise fund, regarding Federal Home loan Bank from Greensboro totalling $5,675,000, for which petitioner carried out composed promissory cards toward Bank as necessary for this new 1932 Act. The official assessed facing petitioner documentary stamp taxes within these notes of $2,270 lower than a state law imposing a good stamp taxation on the promissory cards at the rate from four cents on every $100. [Footnote step 3] Petitioner paid this type of fees lower than protest after which brought the current step in the condition judge to own reimburse of your own percentage, [Footnote cuatro] stating that the imposition of the taxes constituted an unlawful test of the State so you can tax this new “advances” of one’s Federal Financial Lender off Greensboro inside violation regarding the newest supply of one’s 1932