Section thirteen of your Government Mortgage Lender Operate, and therefore exempts federal mortgage banking institutions as well as their “advances” off county income tax, taverns a state off requiring a federal coupons and you can loan connection to invest documentary stamp fees for the promissory notes performed by the association and only a federal mortgage financial to cover finance on the lender towards the connection. Pp. 365 You. S. 518 -524.
Laurens Given. S. & L. Assn. v. Income tax Fee, 365 U.S. 517 (1961)
(a) New immunity system supplied to help you “advances” out of a national financial financial by the § thirteen of one’s Government Home loan Financial Act try wide enough so you’re able to bar county stamp taxes to the like financing. Pittman v. House Owners’ Loan Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.
(b) Area 5(h) of the property Owners’ Loan Act from 1933, that gives one to zero State should taxation a federal offers and you can financing association during the a higher rate than they taxes other comparable regional mutual or cooperative thrift and you may a mortgage associations, did not explicitly otherwise impliedly repeal § 13 of Federal Mortgage Lender Act, and that exempts “advances” regarding government mortgage banking institutions of state tax. Pp. 365 U. S. 522 -524.
U.S. Ultimate Court
Section 13 of one’s Federal Financial Lender Act, hence exempts government mortgage finance companies as well as their “advances” from condition taxation, pubs your state away from requiring a federal coupons and you will financing relationship to expend documentary stamp fees towards the promissory notes conducted by the organization in support of a national home loan bank to cover financing in the bank with the association. Pp. 365 You. S. 518 -524.
Laurens Fed. S. & loans in Dodge City with no credit check L. Assn. v. Tax Commission, 365 You.S. 517 (1961)
(a) Brand new immunity system granted to help you “advances” out of a national home loan bank because of the § thirteen of the Federal Home loan Lender Work is actually large sufficient in order to bar county stamp fees on the such as a loan. Pittman v. Domestic Owners’ Loan Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.
(b) Section 5(h) of the home Owners’ Financing Operate out-of 1933, that provides you to definitely zero Condition should taxation a federal coupons and you will mortgage association at the a higher level than simply it taxation almost every other similar regional shared otherwise cooperative thrift and you will home financing establishments, didn’t expressly or impliedly repeal § 13 of your Government Financial Lender Work, and that exempts “advances” away from government home loan finance companies out of state income tax. Pp. 365 U. S. 522 -524.
Petitioner are a national Deals and you can Financing Association arranged underneath the Home Owners’ Mortgage Act out-of 1933 [Footnote 1] and you may working when you look at the Laurens, Sc. It’s very a part, with borrowing rights, of the Government Mortgage Lender off Greensboro, North carolina, that was situated underneath the Federal Financial Bank Operate out-of 1932. [Footnote dos] For the purpose of and come up with mortgage money in the city which it suits, petitioner Government Deals and you may Financing Organization has, once the August 12, 1953, secure “improves,” or money, regarding Government Mortgage Lender from Greensboro totalling $5,675,000, for which petitioner done created promissory notes towards the Financial as the required by the latest 1932 Work. The official reviewed against petitioner documentary stamp taxes during these cards from $2,270 under your state statute towering good stamp tax for the promissory notes at the price away from four cents for each $100. [Footnote 3] Petitioner paid such fees significantly less than protest following produced the current action regarding county judge to own reimburse of one’s payment, [Footnote 4] saying the imposition of your taxation constituted an unlawful decide to try by State so you’re able to taxation the newest “advances” of your own Federal Financial Financial from Greensboro from inside the ticket away from the newest supply of one’s 1932