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ROCKFORD LIFE INS. CO. v. ILL. DEPT. OF REV.

No. 86-251.

482 U.S. 182 (1987)

107 S.Ct. 2312

96 L.Ed.2d 152

ROCKFORD LIFE INSURANCE CO. v. ILLINOIS DEPARTMENT OF REVENUE ET AL.

Supreme Court of United States.

Decided June 8, 1987

Attorney(s) appearing for the Case

Erwin N. Griswold argued the cause for appellant. With him on the briefs were Karl L. Kellar, Ira L. Burleson, and John C. McCarthy.

Patricia Rosen, Assistant Attorney General of Illinois, argued the cause for appellees. With her on the brief for appellees Illinois Department of Revenue et al. were Neil F. Hartigan, Attorney General, and Roma Jones Stewart, Solicitor General. Charles J. Prorok filed a brief for appellee Aurand.*

JUSTICE STEVENS delivered the opinion of the Court.

This case involves financial instruments commonly known as "Ginnie Maes." These instruments are issued by private financial institutions, which are obliged to make timely payment of the principal and interest as set forth in the certificates. The Government National Mortgage Association (GNMA) guarantees that the payments will be made as scheduled. The question presented today is whether these instruments are exempt...

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