§ 1433. Exemption from taxation; obligations acceptable as credit on debt of home owner
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/usc/title-12/section-1433A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any and all notes, debentures, bonds, and other such obligations issued by any bank, and consolidated Federal Home Loan Bank bonds and debentures, shall be exempt both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. The bank, including its franchise, its capital, reserves, and surplus, its advances, and its income, shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority; except that in 1 any real property of the bank shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed.
The notes, debentures, and bonds issued by any bank, with unearned coupons attached, shall be accepted at par by such bank in payment of or as a credit against the obligation of any home-owner debtor of such bank.
(July 22, 1932, ch. 522, § 13, 47 Stat. 735; May 28, 1935, ch. 150, § 8, 49 Stat. 295.)
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- Public Law 776
- Public Law 100–86To regulate nonbank banks, impose a moratorium on certain securities and insurance activities by banks, recapitalize the Federal Savings and Loan Insurance Corporation, allow emergency interstate bank acquisitions, streamline credit union operations, regulate consumer checkholds, and for other purpo
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- July 22, 1932, ch. 522, § 13
- 47 Stat. 735
- May 28, 1935, ch. 150, § 8
- 49 Stat. 295
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§ 1433
Exemption from taxation; obligations acceptable as credit on debt of home owner
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U.S.C.×3
Fed. Reg.×1
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Cite1
ActJuly 22, 1932, ch. 522, § 13
Stat.47 Stat. 735
ActMay 28, 1935, ch. 150, § 8
Stat.49 Stat. 295
Cites 5Cited by 8 across 4 sources