
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.
