§ 1433. — Exemption from taxation; obligations acceptable as credit on debt of home owner.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1433]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1433. Exemption from taxation; obligations acceptable as
credit on debt of home owner
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.
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\1\ So in original. Word ``in'' probably should not appear.
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(July 22, 1932, ch. 522, Sec. 13, 47 Stat. 735; May 28, 1935, ch. 150,
Sec. 8, 49 Stat. 295.)
Amendments
1935--Act May 28, 1935, inserted ``and consolidated Federal Home
Loan Bank bonds and debentures'' in first sentence.
Section Referred to in Other Sections
This section is referred to in sections 1441, 1441b of this title.
