Laurens Fed. S. & L. Assn. v. Taxation Percentage, 365 You.S. 517 (1961)
Area 13 of your own Government Financial Bank Act, and therefore exempts government home loan banks as well as their “advances” regarding state tax, taverns your state out-of demanding a national discounts and you can financing organization to expend documentary stamp fees for the promissory notes executed of the connection and only a national financial lender to pay for money from the financial with the connection. Pp. 365 You. S. 518 -524.
Laurens Fed. S. & L. Assn. v. Taxation Fee, 365 U.S. 517 (1961)
(a) Brand new disease fighting capability offered to “advances” from a federal home loan financial from the 13 of the Federal Mortgage Lender Act try greater sufficient so you’re able to bar county stamp taxation toward such as a loan. Pittman v. Domestic Owners’ Loan Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.
(b) Part 5(h) of the home Owners’ Mortgage Operate of 1933, that provides one zero Condition should tax a federal discounts and you will loan connection from the a high rate than just it taxes almost every other comparable regional mutual or cooperative thrift and you may a mortgage establishments, did not expressly or impliedly repeal 13 of your own Government Mortgage Bank Operate, and that exempts “advances” away from government mortgage banks regarding state taxation. Pp. 365 U. S. 522 -524.
You.S. Best Judge
Point thirteen of your Federal Financial Financial Act, hence exempts federal home loan banks in addition to their “advances” away from state tax, taverns a state regarding demanding a national deals and you will loan relationship to spend documentary stamp taxation for the promissory notes executed by connection in favor of a national home loan lender to pay for finance on the financial for the association. (mais…)
