Despite support from the federal government, Hudson Valley FCU lost the battle in a New York State trial court over whether it or its members have to pay a mortgage-recording tax.
New York Supreme Court Justice Judith Gische ruled that based on previous cases, the courts had determined that the tax is not a tax on property but a "privilege," and therefore not part of the tax exemption granted to federal credit unions under the Federal Credit Union Act. She also dismissed the claim that the U.S. Constitution's Supremacy Clause exempted Hudson Valley FCU from the tax.
She issued the ruling on May 14, but filed it with the court clerk on May 20.
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