On January 21, 2016, our firm again appeared for a trial where a Bank had failed to pay the documentary stamp tax on the prior issued loan modification. When the trial court asked our firm how long it expected the trial to take, the answer was less than 5 minutes given that the Bank had not paid the tax.
The Bank's attorneys were understandably upset and even went so far as to argue that the modification was not really a modification and, therefore, no tax was required. This was a tough argument to make given that the document was a "LOAN MODIFICATION AGREEMENT." But you have to give them credit for trying.
The case was stayed until such time as the Bank pays the documentary stamp tax on the loan modification agreement.
CASE NO. CACE 14-4643
BANK ATTORNEY: POPKIN & ROSALER, P.A.