Part 13 of the Federal Home loan Lender Act, and therefore exempts government mortgage banks in addition to their “advances” regarding condition income tax, taverns your state from demanding a national discounts and you may loan association to expend documentary stamp fees to your promissory notes executed by the organization in favor of a national mortgage bank to pay for financing in the financial with payday loans Snead the relationship. Pp. 365 U. S. 518 -524.

Laurens Given. S. & L. Assn. v. Tax Commission, 365 U.S. 517 (1961)

(a) The newest disease fighting capability provided to “advances” regarding a national home loan financial by the 13 of Federal Home loan Bank Act is greater adequate so you’re able to pub condition stamp taxation towards eg financing. Pittman v. Household Owners’ Mortgage Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.

(b) Part 5(h) of the home Owners’ Loan Operate of 1933, that offers that no Condition will income tax a national coupons and you can financing association on a higher level than simply it taxation almost every other equivalent regional mutual otherwise cooperative thrift and a home loan associations, failed to expressly otherwise impliedly repeal thirteen of one’s Government Financial Lender Operate, hence exempts “advances” from government mortgage banking institutions out of state taxation. Pp. 365 You. S. 522 -524.

U.S. Supreme Judge

Area 13 of one’s Federal Mortgage Bank Operate, and therefore exempts government financial finance companies as well as their “advances” regarding condition taxation, taverns your state regarding demanding a federal offers and mortgage association to blow documentary stamp fees into promissory cards conducted by the relationship in support of a national home loan lender to pay for money regarding the bank toward association. Pp. 365 You. S. 518 -524.

Laurens Fed. S. & L. Assn. v. Tax Fee, 365 You.S. 517 (1961)

(a) The fresh new immunity provided to help you “advances” of a national home loan lender by the thirteen of the Federal Home loan Lender Work try wider adequate so you’re able to club state stamp fees on the particularly a loan. Pittman v. House Owners’ Mortgage Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.

(b) Part 5(h) of the house Owners’ Loan Operate from 1933, that offers you to zero Condition will tax a federal discounts and you will financing connection from the a high rate than simply it fees most other similar regional shared otherwise cooperative thrift and you will home financing institutions, don’t expressly or impliedly repeal 13 of one’s Federal Mortgage Lender Act, and this exempts “advances” away from government financial banks regarding condition income tax. Pp. 365 U. S. 522 -524.

Petitioner try a federal Coupons and you may Financing Relationship prepared beneath the Domestic Owners’ Financing Operate of 1933 [Footnote 1] and working during the Laurens, Sc. It is also a part, which have borrowing from the bank benefits, of one’s Government Financial Bank out of Greensboro, Vermont, that was depending within the Government Financial Bank Operate regarding 1932. [Footnote dos] For the purpose of to make home loan currency in the community it provides, petitioner Government Offers and you may Financing Connection features, once the August twelve, 1953, safeguarded “improves,” otherwise funds, about Government Financial Financial out-of Greensboro totalling $5,675,000, where petitioner carried out written promissory cards toward Financial just like the required by the brand new 1932 Work. The state examined against petitioner documentary stamp taxes throughout these notes away from $2,270 below a state statute imposing a great stamp income tax for the promissory cards at the rate out of five cents for each $100. [Footnote step three] Petitioner paid back these types of taxation under protest after which put the current action throughout the condition legal to possess refund of the payment, [Footnote cuatro] saying that imposition of taxes constituted a criminal decide to try from the State to help you tax the fresh new “advances” of Government Mortgage Financial away from Greensboro within the violation of the fresh supply of one’s 1932