Point 13 of your own Government Mortgage Bank Operate, which exempts government mortgage finance companies in addition to their “advances” away from county tax, taverns a state out-of demanding a national coupons and you will loan organization to spend documentary stamp fees on the promissory cards conducted of the connection and only a national home loan bank to cover finance about bank towards organization. Pp. 365 U. S. 518 -524.
Laurens Provided. S. & L. Assn. v. Tax Percentage, 365 U.S. 517 (1961)
(a) The new immunity granted so you can “advances” out of a national home loan lender from the 13 of Federal Home loan Lender Act are broad sufficient in order to bar county stamp taxation toward instance that loan. Pittman v. Domestic Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.
(b) Area 5(h) of the property Owners’ Financing Operate regarding 1933, that gives one to no County should taxation a federal deals and mortgage connection within a higher rate than simply it taxation most other comparable local common otherwise cooperative thrift and a mortgage establishments, didn’t expressly or impliedly repeal thirteen of your Government Financial Lender Operate, hence exempts “advances” of federal home loan finance companies out of condition taxation. Pp. 365 U. S. 522 -524.
U.S. Finest Court
Part 13 of the Government Mortgage Financial Work, and that exempts federal home loan financial institutions and their “advances” off county taxation, bars your state regarding requiring a national offers and you may mortgage relationship to invest documentary stamp fees for the promissory cards conducted of the relationship and only a federal mortgage lender to cover loans in the financial for the organization. Pp. 365 U. S. 518 -524.
Laurens Given. S. & L. Assn. v. Taxation Payment, 365 U.S. 517 (1961)
(a) The immune system supplied to help you “advances” away from a federal home loan bank by thirteen of Government Home loan Lender Work is wide enough to help you bar county stamp fees for the eg a loan. Pittman v. Household Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.
(b) Section 5(h) of the home Owners’ Loan Act out-of 1933, which provides that zero Condition will taxation a federal deals and you may mortgage relationship in the a higher level than just they fees most other comparable local shared or cooperative thrift and a home loan establishments, did not expressly otherwise impliedly repeal thirteen of the Government Financial Lender Work, and therefore exempts “advances” of federal home loan financial institutions out-of county income tax. Pp. 365 You. S. 522 -524.
Petitioner are a federal Coupons and you will Mortgage Association prepared under the House Owners’ Mortgage Act of 1933 [Footnote step one] and you can doing business within the Laurens, South carolina. It’s very an associate, that have borrowing rights, of your Government Mortgage Lender out of Greensboro, New york, that was depending according to the Federal Home loan Lender Work of 1932. [Footnote dos] For the purpose of and come up with financial currency obtainable in the community which it suits, petitioner Federal Discounts and you may Financing Organization possess, as August a dozen, 1953, secured “advances,” or finance, from the Federal Mortgage Bank away from Greensboro totalling $5,675,000, wherein petitioner carried out composed promissory cards loan places Riverview towards the Financial as necessary for this new 1932 Act. The official assessed against petitioner documentary stamp taxation during these notes from $dos,270 less than a state statute towering an effective stamp tax on promissory notes within rates away from five dollars on every $100. [Footnote step three] Petitioner reduced this type of taxes around protest and then brought the current action in the county judge to possess refund of payment, [Footnote 4] stating that the imposition of one’s taxes constituted an unlawful try from the Condition to help you taxation the brand new “advances” of your Federal Home loan Lender away from Greensboro into the solution out of the new provision of your 1932