WELLS FARGO BANK, N. A.
v.
GEORGE A. ORDONEZ
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A loan renewal that does not add obligors and merely changes the interest rate, maturity date, or payment terms is not subject to documentary stamp tax when tax was previously paid on the original document.
[1] A loan renewal that does not add obligors and merely modifies the interest rate, maturity date, or payment terms is exempt from documentary stamp tax when tax has already…
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Join FLexlaw to unlock all legal intelligence“A renewal that does not add obligor(s) and merely changes the interest rate, the maturity date, or the payment terms is not subject to tax, provided tax was paid on the original document and the original document is attached to the renewal.”
Florida Administrative Code Rule 12B-4.052(12)(a) (2010), cited as the basis for reversing the trial court's judgment
Wells Fargo Bank appealed a trial court judgment entered against it in a case involving documentary stamp tax liability on a loan renewal to George A.…
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PER CURIAM.
We reverse the trial court's judgment against Wells Fargo Bank, N.A. We hold that the executive branch has already determined that there is no additional tax due under the unique facts of this case. See § 201.08(5), (6), Fla. Stat. (2010); Fla. Admin. Code R. 12B-4.052(12)(a) (2010) ("A renewal that does not add obligor(s) and merely changes the interest rate, the maturity date, or the payment terms is not subject to tax, provided tax was paid on the original document and the original document is attached to the renewal."). Accordingly, it was reversible error for the trial court to enter judgment against Well Fargo on this basis.
Reversed and remanded.
KELLY, BADALAMENTI, and ROTHSTEIN-YOUAKIM, JJ., Concur.
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