Laurens Given. S. & L. Assn. v. Taxation Payment, 365 You.S. 517 (1961)

Area 13 of Federal Mortgage Bank Work, hence exempts government mortgage financial institutions and their “advances” out-of condition income tax, pubs your state away from demanding a federal coupons and you will loan organization to spend documentary stamp fees for the promissory cards carried out by organization in support of a national home loan bank to fund money regarding lender toward association. Pp. 365 U. S. 518 -524.

Laurens Given. S. & L. Assn. v. Taxation Payment, 365 You.S. 517 (1961)

(a) Brand new immune protection system granted in order to “advances” out of a federal home loan financial of the 13 of your Federal Financial Lender Operate was greater sufficient in order to bar condition stamp fees into the for example that loan. Pittman v. House Owners’ Financing Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.

(b) Point 5(h) of the property Owners’ Mortgage Work of 1933, that gives you to no Condition will tax a federal deals and financing connection at the a higher level than they taxes other similar local shared or collaborative thrift and you may home financing associations, did not expressly otherwise impliedly repeal 13 of your Federal Financial Financial Work, and that exempts “advances” regarding government mortgage banking institutions away from state taxation. Pp. 365 You. S. 522 -524.

U.S. Supreme Judge

Point 13 of the Federal Home loan Bank Work, hence exempts federal mortgage banking companies as well as their “advances” off state income tax, bars a state regarding demanding a national deals and you can financing association to pay documentary stamp taxes for the promissory notes done by relationship in favor of a federal mortgage lender to pay for financing from the lender to your association. Pp. 365 U. S. 518 -524.

Laurens Fed. S. & L. Assn. v. Income tax Commission, 365 You.S. 517 (1961)

(a) The fresh new defense mechanisms provided so you’re able to “advances” out-of a national mortgage financial from the thirteen of one’s Federal Home loan Bank Operate was wide adequate so you can club county stamp fees on such as for example that loan. Pittman v. Family Owners’ Loan Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.

(b) Section 5(h) of the home Owners’ Financing Operate regarding 1933, which provides you to no County should tax a federal deals and you may mortgage relationship at the a higher rate than simply it taxes almost every other similar local shared or collaborative thrift and you will a home loan institutions, don’t explicitly otherwise impliedly repeal 13 of the Government Home loan Lender Operate, which exempts “advances” out-of government home loan finance companies from state taxation. Pp. 365 You. S. 522 -524.

Petitioner is a federal Savings and you may Financing Relationship structured under the House Owners’ Financing Act off 1933 [Footnote 1] and you may conducting business into the Laurens, Sc. It is extremely a member, that have borrowing privileges, of one’s Government Financial Bank away from Greensboro, New york, that has been depending within the Government Home loan Bank Act of 1932. [Footnote dos] For the purpose of and also make mortgage money for sale in town it suits, petitioner Federal Discounts and you will Loan Connection has, just like the August a dozen, 1953, safeguarded “enhances,” or funds, on the Government Home loan Lender out of Greensboro totalling $5,675,000, whereby petitioner conducted created promissory notes for the Financial since required by the fresh new 1932 Operate. The official analyzed up against petitioner documentary stamp taxation in these notes from $2,270 around your state statute towering a stamp income tax towards promissory cards during the speed regarding five cents for each $100. [Footnote step three] Petitioner paid this type of taxation lower than protest immediately after which brought the current action on the state courtroom to own loans Robertsdale AL reimburse of your payment, [Footnote cuatro] claiming your imposition of your taxation constituted an unlawful take to from the County to help you tax the new “advances” of one’s Government Mortgage Bank away from Greensboro when you look at the citation regarding the provision of your own 1932