National Newark, c., Co. v. U.C.C. of N.J

1 Citing case

  1. Wekearnyan Federal Credit Union v. Zuna

    31 A.2d 490 (N.J. 1943)   Cited 1 times

    The Wekearnyan Federal Credit Union, organized under act of Congress, prosecutor herein, is a federal corporation. It is somewhat analogous to a national bank, and especially analogous to a farm loan bank. All these classes are authorized, and organized under the control of, the federal government. All three are "instrumentalities" of the United States. Now it seems settled that unemployment compensation is a form of taxation of employers — of eight or more persons (says the statute) and it seems also settled that the acts under which these three classes are organized exempt them from State taxation except on real estate, c. On this point a number of cases are cited, several in the United States Supreme Court: but it is sufficient for present purposes to cite our own case of National Newark, c., Co. v. U.C.C., 126 N.J.L. 387, Supreme Court, decided in May, 1941. Apparently it was not appealed: so it stands as a precedent and seems in point. In that case the employee was in the service of a national bank as manager of real estate acquired apparently on foreclosure; and the reasoning of the Supreme Court was: (1) by the New Jersey act "employment" does not embrace service in the employ of an instrumentality of the United States; (2) the national bank was such instrumentality; (3) operating as such; (4) the statute of non-inclusion applied.