Area thirteen of your own Federal Home loan Financial Act, which exempts federal financial finance companies in addition to their “advances” from county taxation, pubs a state from requiring a national offers and loan organization to invest documentary stamp taxation into the promissory cards done of the relationship and only a national home loan bank to fund finance from the lender on relationship. Pp. 365 U. S. 518 -524.

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

(a) The latest defense mechanisms provided in order to “advances” from a national financial lender from the 13 of the Federal Mortgage Financial Work is wider adequate so you can bar county stamp fees toward such as for instance a loan. Pittman v. Family Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.

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(b) Section 5(h) of the house Owners’ Mortgage Act of 1933, that offers you to zero State will income tax a national offers and financing association within a high rate than simply it taxation almost every other equivalent local mutual or collaborative thrift and you may a home loan establishments, don’t expressly otherwise impliedly repeal 13 of one’s Government Mortgage Bank Work, and therefore exempts “advances” away from federal home loan finance companies from condition tax. Pp. 365 You. S. 522 -524.

You.S. Supreme Courtroom

Section 13 of the Federal Home loan Lender Work, hence exempts government mortgage banking companies and their “advances” regarding county income tax, taverns your state off demanding a national savings and financing association to invest documentary stamp taxes to the promissory notes done by organization and only a federal financial financial to fund financing on the financial to your connection. Pp. 365 U. S. 518 -524.

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

(a) New immune system provided in order to “advances” out of a national financial lender by 13 of one’s Federal Mortgage Bank Work are wide sufficient so you’re able to pub state stamp taxation towards the such as for example a loan. Pittman v. Household Owners’ Financing Corp., 308 You. S. 21 . Pp. 365 U. S. 519 -522.

(b) Area 5(h) of the property Owners’ Mortgage Work out-of 1933, that gives that no State will taxation a national offers and you can mortgage connection in the a higher level than simply they taxes most other comparable local mutual or collaborative thrift and you can a home loan establishments, don’t expressly or impliedly repeal 13 of the Federal Financial Financial Act, and therefore exempts “advances” of federal mortgage banks of county income tax. Pp. 365 You. S. 522 -524.

Petitioner is actually a federal Deals and you can Loan Relationship arranged underneath the House Owners’ Financing Act regarding 1933 [Footnote step one] and working into the Laurens, Sc. It’s very an associate, that have borrowing from the bank privileges, of your own Federal Financial Financial away from Greensboro, New york, which was founded under the Federal Home loan Bank Operate from 1932. [Footnote dos] For the true purpose of and also make home loan currency available in town which it provides, petitioner Federal Deals and you may Mortgage Organization have, since the August a dozen, 1953, shielded “advances,” or money, about Federal Home loan Lender off Greensboro totalling $5,675,000, where petitioner performed composed promissory cards to your Lender as the necessary for the fresh new 1932 Operate. The official examined against petitioner documentary stamp fees during these notes off $2,270 not as much as a state statute imposing good stamp income tax on promissory notes in the price of five dollars for each $100. [Footnote step 3] Petitioner paid this type of taxes under protest and brought today’s action about county judge to have reimburse of your own fee, [Footnote 4] saying the imposition of your own taxation constituted an unlawful sample by County so you can tax the fresh “advances” of your Federal Mortgage Bank from Greensboro into the solution away from new provision of one’s 1932