12 U.S.C. § 1433
Section 1433 · Exemption from taxation; obligations acceptable as credit on debt of home owner
Amended 2 times on record
Applied in 22 court decisions — leading case Fidelity Federal Savings and Loan Association v. D Cuesta (1982)
Most recently applied in Hudson Valley Federal Credit Union v. New York State Department of Taxation & Finance (October 2012)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
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.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
1935—Act May 28, 1935, inserted “and consolidated Federal Home Loan Bank bonds and debentures” in first sentence.
Cross References
United States obligations and evidences of ownership as subject to Federal taxation, see section 3124(b) of Title 31, Money and Finance.