Union Joint Stock Land Bank v. Kissane

Plaintiff on appeal denies the applicability of Act No. 98, Pub. Acts 1933, as amended (the moratorium act), to proceedings brought to foreclose a mortgage given to and owned by a joint stock land bank organized under the Federal farm loan act. Plaintiff claims that it is a Federal instrumentality organized under a law designed to relieve the financial distress of farmers and that additional relief may not be extended to them by moratorium legislation. We accept plaintiff’s contention that the State has no power to obstruct or interfere with the proper functions and legitimate operations of a…