Document: 370 U.S. 159 82 S.Ct. 1231 8 L.Ed.2d 407 Harry Clifford PORTER, Petitioner,v.AETNA CASUALTY AND SURETY COMPANY. No. 604. Argued April 25, 1962. Decided June 11, Ethelbert B. Frey, Washington, D.C., for petitioner. John G. Laughlin, Jr., the United States, as amicus curiae. L. Laskey, respondent. Mr. Justice CLARK delivered opinion of Court. 1 This case raises question whether benefits paid by States Veterans' Administration retain their exempt status under 38 U.S.C. § 3101(a), U.S.C.A. 3101(a)1 after being deposited in an account a federal savings and loan association. Petitioner, incompetent Air Force veteran, had suffered judgment at hands The latter effort to satisfy its attached checking two accounts local associations, all which been established petitioner's Committed with funds received from disability compensation due District Court, on motion, held three statute. 185 F.Supp. 302. Respondent appealed association accounts, Court Appeals Columbia reversed divided opinion. 111 U.S.App.D.C. 267, 296 F.2d 389. Certiorari was granted view importance administration Act. 368 937, 384, 7 337. We agree that involved here are statute; therefore we reverse below. 2 Since 1873 it has policy Congress veterans' creditor actions well taxation.2 In 1933 Trotter v. Tennessee, 290 354, 54 138, 78 L.Ed. 358, occasion pass upon exemptive provision World War Act 1924, 43 Stat. 607, 613. It exemption spent force when benefit 'lost quality moneys' were converted into 'permanent investments.' distinction adopted amended 1935, 49 609, provide, inter alia, such payments shall be 'either before or receipt beneficiary' but not 'extend any property purchased part wholly out payments.'3 Thereafter Lawrence Shaw, 300 245, 57 443, 81 623 (1937), bank credits derived within exemption, test so remained subject demand use needs veteran support maintenance required. noted allowance interest deposits would destroy exemption. Two years later negotiable notes bonds 'held investments' no statutory immunity. Carrier Bryant, 306 545, 59 707 (1939). again 1958, significant changes made provision. As written is issue. 3 appears practices procedures vary withdrawal associations. Under law depositor shareholder rather than creditor, his only 30-day demand. However, found could 'as quickly * *.' addition, integrity assured supervision associations plus insurance accounts. conditions immediate certain access thus plainly 'the moneys.' investments,' note they speculative character nor time interest. Moreover, affirmatively times petitioner drew moneys fund requirements other whatever now available him, having cut off. clear us here, investments, presently meet needs. 4 legislation this type should liberally construed, see supra, 356, 139 protect beneficiaries thereof, 250, 445 feel remain inviolate. Congress, believe, intended veterans safekeeping able utilize those normal modes community purpose—provided funds, regardless technicalities title formalities, readily needed maintenance, actually qualities moneys, have permanent investments. 5 Reversed. 6 THE CHIEF JUSTICE FRANKFURTER took consideration decision case. DOUGLAS. Heretofore taken form one hand (Trotter 357, 139, 358), 'subject draft demand,' 445, 623. Negotiable nonexempt 707, 83 976. Yet far know, may same comparable degree liquidity present share enjoys. Today, however, hold these exempt. Stocks cannot, course, fractionalized cash small amounts, done But stocks liquid tantamount serve, deposit, veteran. 9 By standards announced earlier decisions 'investments.' See Wisconsin Bankers Ass'n Robertson, 85, 294 714. They can withdrawn 30 days' notice. owner voting member which, noted, makes him 'more nearly stockholder depositors.' 270, 389, 392. Home Owners' Loan Act, created, purpose 'to provide mutual thrift institutions people invest funds.' 12 1464(a), 1464(a). (Italics added.) Its capital1 'shares' (12 1464(b), 1464(b)) here. holders who apply do thereby become 'creditors.'2 10 some even listed exchange actively traded over-the-counter. true seems me liquidity—that say, kept usable, if need be, 'for veteran,' Chief Hughes said 445. '(a) Payments administered assignable except extent specifically authorized law, to, of, beneficiary taxation, claim creditors, liable attachment, levy, seizure legal equitable process whatever, either beneficiary. preceding sentence claims arising laws therein contained taxation extend payments. provisions section construed prohibit assignment otherwise chapter 19 title, servicemen's indemnity.' Mar. 3, 1873, R.S. 4747 (1878); c. 320, 22, 613; Aug. 12, 510, 609. language reads taxation' benefits. 976 (1939), invested also actions, since "payments benefits' due' did fall initial immunizing language. 'Capital' means aggregate accounts,' earnings, less deductions. CFR 541.3. 'Savings account,' monetary holder' 'capital' Id., 541.4. book evidence ownership holder thereof capital' Association. 545.2(b). 'Holders application until creditors.' 544.1(a) par. 6.

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