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PEOPLE OF PUERTO RICO v. FEDERAL LAND BANK

Nos. 3458, 3459.

108 F.2d 275 (1939)

PEOPLE OF PUERTO RICO v. FEDERAL LAND BANK OF BALTIMORE (two cases).

Circuit Court of Appeals, First Circuit.

Rehearing Denied January 19, 1940.

Attorney(s) appearing for the Case

William Cattron Rigby, of Washington, D. C. (B. Fernandez Garcia, of San Juan, P. R., and Nathan R. Margold, of Washington, D. C., on the brief), for appellant.

Frank Martinez, of San Juan, P. R., for appellee.

Before WILSON and MAGRUDER, Circuit Judges, and McLELLAN, District Judge.

MAGRUDER, Circuit Judge.

The plaintiff bank in these two cases became the holder of real estate mortgages given to secure long-term loans. At the times when the bank acquired these security interests, 1928 in the first case and 1925 in the second, Puerto Rico had an unusual provision of law relating to liens for real estate taxes. Section 315 of the Political Code provided:

"* * * The tax that is assessed for the current fiscal year, and for the three prior...

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