Atlanta Federal Savings & Loan Ass'n v. Simmons

Grice, Justice.

The issue here is whether or not federal savings and loan associations incorporated under the laws of the United States and having their principal offices or places of business in this State and building and loan associations incorporated under the laws of this State are subject to the tax on “long term notes” imposed by the Intangible Property Tax Act of 1953 (Ga. L. 1953, Nov.-Dee. Sess., p. 379).

This issue arose when Atlanta Federal Savings & Loan Association and several other institutions of the types referred to above filed in the Superior Court of Fulton County their…