Area 13 of the Federal Mortgage Financial Act, and therefore exempts federal mortgage banking companies as well as their “advances” out of county income tax, bars your state regarding demanding a national coupons and financing organization to pay documentary stamp taxes with the promissory cards performed by relationship in support of a national mortgage bank to cover loans throughout the bank to the relationship. Pp. 365 U. S. 518 -524.

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

(a) This new immunity granted so you’re able to “advances” out of a federal mortgage financial of the § thirteen of the Federal Financial Bank Act is broad adequate to help you bar state stamp taxation into like a loan. Pittman v. House Owners’ Mortgage Corp., 308 U. S. 21 . Pp. 365 You. S. 519 -522.

(b) Part 5(h) of the property Owners’ Mortgage Act off 1933, that provides you to no Condition should taxation a federal savings and you can mortgage relationship on a high rate than just they taxation almost every other similar local mutual otherwise collaborative thrift and a mortgage organizations, did not explicitly or impliedly repeal § 13 of one’s Government Mortgage Financial Act, and therefore exempts “advances” out of government financial financial institutions regarding county taxation. Pp. 365 You. S. 522 -524.

U.S. Supreme Court

Part thirteen of one’s Government Financial Bank Work, and that exempts federal financial banks and their “advances” out-of state tax, taverns a state out-of requiring a national discounts and mortgage relationship to invest documentary stamp taxes towards the promissory cards conducted by the association and only a national home loan financial to pay for loans on the lender with the organization. Pp. 365 You. S. 518 -524.

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

(a) New disease fighting capability supplied so you can “advances” out-of a national mortgage financial by the § thirteen of your Federal Financial Lender Act is actually large sufficient in order to bar condition stamp fees towards such as for example that loan. Pittman v. Home Owners’ Loan Corp., 308 U. S. 21 . Pp. 365 U. S. 519 -522.

(b) Part 5(h) of the property Owners’ Mortgage Operate out-of 1933, that gives one to no State shall tax a national coupons and you will financing relationship during the a higher rate than just it taxes almost every other comparable regional shared otherwise cooperative thrift and home financing establishments, did not explicitly otherwise impliedly repeal § 13 of the Government Financial Financial Operate, hence exempts “advances” regarding government financial financial institutions of county taxation. Pp. 365 You. S. 522 -524.

Petitioner try a national Discounts and you can Loan Relationship arranged in House Owners’ Loan Act out of 1933 [Footnote step 1] and you may conducting business into the Laurens, Sc. It is reasonably an associate, with borrowing from the bank privileges, of one’s Government Home loan Lender off Greensboro, North carolina, which had been centered according to the Government Home loan Lender Work out-of 1932. [Footnote 2] For the purpose of and then make mortgage currency found in the community that it provides, this website petitioner Government Savings and you can Mortgage Association keeps, just like the August a dozen, 1953, secured “advances,” or funds, regarding the Federal Financial Lender out of Greensboro totalling $5,675,000, for which petitioner performed written promissory cards with the Financial as the necessary for new 1932 Operate. The official reviewed facing petitioner documentary stamp taxes on these notes from $2,270 not as much as your state law imposing an excellent stamp tax towards the promissory notes from the rate from five dollars on every $100. [Footnote 3] Petitioner paid down such taxation below protest and introduced today’s step throughout the state court to own refund of one’s payment, [Footnote 4] saying that the imposition of the taxes constituted a violent test of the State so you can tax brand new “advances” of one’s Federal Mortgage Bank out-of Greensboro during the pass off the brand new provision of your 1932