Laurens Fed. S. & L. Assn. v. Income tax Commission, 365 U.S. 517 (1961)
Area thirteen of one’s Government Mortgage Bank Act, and therefore exempts government financial finance companies as well as their “advances” out of state tax, taverns a state of requiring a federal discounts and you can financing relationship to expend documentary stamp taxes on the promissory cards carried out of the organization in support of a national financial financial to cover loans on financial into the relationship. Pp. 365 You. S. 518 -524.
Laurens Provided. S. & L. Assn. v. Taxation Fee, 365 U.S. 517 (1961)
(a) This new defense mechanisms offered so you can “advances” regarding a national financial financial by 13 of your own Federal Mortgage Financial Operate was broad sufficient to club state stamp fees to your like that loan. Pittman v. Family Owners’ Mortgage Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.
(b) Area 5(h) of the home Owners’ Mortgage Work of 1933, that gives that no State shall income tax a federal deals and you can mortgage relationship during the a higher rate than just it taxation other comparable regional shared or cooperative thrift and home financing institutions, failed to expressly otherwise impliedly repeal 13 of one’s Government Mortgage Financial Operate, which exempts “advances” out-of federal mortgage banking companies of county tax. Pp. 365 U. S. 522 -524.
You.S. Supreme Judge
Part 13 of Government Financial Financial Act, and therefore exempts federal home loan banks in addition to their “advances” out-of condition taxation, taverns a state regarding requiring a national offers and financing connection to pay documentary stamp fees into promissory notes executed of the relationship in favor of a federal financial financial to fund money regarding bank towards the relationship. Pp. 365 U. S. 518 -524.
Laurens Given. S. & L. Assn. v. Income tax Payment, 365 You.S. 517 (1961)
(a) The newest immune protection system granted so you’re able to “advances” away from a national financial financial of the thirteen of your own Federal Mortgage Lender Act are greater adequate to help you pub condition stamp taxes into such as for example financing. Pittman v. Family Owners’ Mortgage Corp., 308 You. S. 21 . Pp. 365 You. S. 519 -522.
(b) Area 5(h) of the https://www.paydayloanalabama.com/ridgeville/ house Owners’ Financing Work of 1933, that offers one zero County will taxation a federal discounts and you may loan association at the a higher rate than they taxes other comparable local mutual or cooperative thrift and you will home financing organizations, didn’t expressly or impliedly repeal 13 of your own Federal Financial Financial Work, and this exempts “advances” of government financial financial institutions out of condition tax. Pp. 365 U. S. 522 -524.
Petitioner try a national Discounts and Financing Relationship structured according to the Home Owners’ Loan Work from 1933 [Footnote step 1] and you will working inside Laurens, South carolina. It is extremely a member, having borrowing privileges, of your Federal Financial Bank from Greensboro, North carolina, that has been dependent within the Government Mortgage Lender Operate out of 1932. [Footnote dos] For the purpose of and then make mortgage money found in town it provides, petitioner Federal Offers and you can Loan Organization features, as August a dozen, 1953, secure “enhances,” or funds, in the Federal Home loan Financial from Greensboro totalling $5,675,000, where petitioner carried out composed promissory notes to the Lender due to the fact necessary for the newest 1932 Act. The state assessed up against petitioner documentary stamp fees during these notes off $dos,270 around your state statute towering a beneficial stamp income tax with the promissory notes in the rates of four cents on every $100. [Footnote step three] Petitioner paid these fees significantly less than protest and then delivered today’s action regarding state legal having refund of your payment, [Footnote cuatro] saying that imposition of fees constituted a violent attempt by the Condition so you’re able to income tax the brand new “advances” of one’s Federal Mortgage Bank from Greensboro when you look at the admission regarding brand new supply of your own 1932
