Laurens Provided. S. & L. Assn. v. Tax Payment, 365 U.S. 517 (1961)

Part 13 of the Government Financial Financial Operate, and therefore exempts government mortgage banking companies as well as their “advances” off state income tax, taverns your state regarding demanding a national coupons and you will loan organization to expend documentary stamp taxation on the promissory notes executed of the organization and only a federal home loan bank to cover funds on the financial into connection. Pp. 365 U. S. 518 -524.

Laurens Provided. S. & L. Assn. v. Taxation Fee, 365 You.S. 517 (1961)

(a) This new immunity system provided in Stockton loans order to “advances” away from a national financial bank from the 13 of your Federal Mortgage Bank Work is actually large sufficient so you’re able to club county stamp taxes on for example that loan. Pittman v. Household Owners’ Loan Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.

(b) Area 5(h) of the house Owners’ Mortgage Operate out-of 1933, that offers one to no State should taxation a federal discounts and you can financing organization within a higher level than it taxes other comparable local shared otherwise collaborative thrift and a mortgage associations, did not explicitly otherwise impliedly repeal thirteen of your Government Financial Bank Act, hence exempts “advances” out of federal financial banks away from condition taxation. Pp. 365 You. S. 522 -524.

You.S. Finest Court

Section 13 of your own Federal Financial Bank Work, and that exempts federal home loan banking companies and their “advances” of condition taxation, bars your state out of demanding a national offers and you may financing association to blow documentary stamp taxation for the promissory cards carried out from the connection in favor of a federal home loan bank to fund fund regarding bank into association. Pp. 365 U. S. 518 -524.

Laurens Fed. S. & L. Assn. v. Taxation Fee, 365 U.S. 517 (1961)

(a) The fresh immunity system granted to “advances” out of a national financial lender from the thirteen of one’s Government Mortgage Bank Act is actually greater adequate so you’re able to club county stamp taxation to your eg that loan. Pittman v. Domestic Owners’ Financing Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.

(b) Part 5(h) of the home Owners’ Loan Work regarding 1933, that provides one to zero County will taxation a federal coupons and you can mortgage organization at a higher rate than they taxation most other equivalent local shared or collaborative thrift and you will home financing establishments, didn’t expressly otherwise impliedly repeal thirteen of Federal Mortgage Bank Work, hence exempts “advances” off government financial banks from condition tax. Pp. 365 You. S. 522 -524.

Petitioner was a national Discounts and you will Loan Connection structured underneath the Home Owners’ Mortgage Work of 1933 [Footnote 1] and you can working in Laurens, South carolina. It is reasonably an associate, having borrowing privileges, of your Government Financial Financial out-of Greensboro, North carolina, that was situated beneath the Government Mortgage Financial Work from 1932. [Footnote 2] For the intended purpose of and come up with financial currency found in town it suits, petitioner Government Deals and you may Financing Association possess, due to the fact August several, 1953, secure “enhances,” otherwise financing, throughout the Government Home loan Financial from Greensboro totalling $5,675,000, for which petitioner executed written promissory cards to your Bank due to the fact necessary for new 1932 Work. The state reviewed facing petitioner documentary stamp fees in these notes from $2,270 around your state law towering a beneficial stamp income tax toward promissory notes in the price regarding five cents for each $100. [Footnote step 3] Petitioner repaid such taxation lower than protest then produced the present action in the condition court getting refund of commission, [Footnote 4] claiming that imposition of your own fees constituted a criminal shot because of the County to help you taxation the fresh “advances” of Government Financial Lender off Greensboro inside the citation out of the newest provision of the 1932