Gwendolyn
May 8, 2003, 3:52 PM
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Transfer Tax on a "renewed" fideicomiso
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I have a question for anyone out there who has obtained a new fideicomiso upon the expiration of the old one. My fideicomiso was only for 10 years, as my lawyer believed at the time that NAFTA would result in the repeal of the fideicomiso requirement -- wrong. Anyway, we are now obtaining a new fideicomiso -- same beneficiaries and same property, but different bank. The local municipality is imposing another transfer tax on us solely because we are using a new bank as trustee. My lawyer is researching the question hoping that someone else has been able to change banks without the transaction being treated as a "transfer," thus subjecting it to the transfer tax. If anyone can help me and my lawyer -- I would appreciate your letting me know. Thanks.
Gwen Gregory
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