Trump can’t post $464M bond in New York civil case, lawyers say

Source: Politico | March 18, 2024 | Erica Orden

New York state Attorney General Letitia James’ office could begin to seize Trump’s assets unless an appellate court agrees to halt the judgment against the former president.

NEW YORK — Donald Trump told an appellate court here Monday that he can’t obtain a bond for the full amount of the civil fraud judgment against him — more than $450 million, including interest — raising the possibility that the state attorney general’s office could begin to seize his assets unless the court agrees to halt the judgment while the former president appeals the verdict.

Trump’s lawyers said in a court filing that “ongoing diligent efforts have proven that a bond in the judgment’s full amount is a ‘practical impossibility,’” adding that those efforts “have included approaching about 30 surety companies through 4 separate brokers.”

When a defendant appeals a civil judgment, the defendant can prevent collection efforts while the appeal proceeds by either posting the full amount into an escrow fund or securing a third-party bond to guarantee the full amount.

Trump’s deadline for doing so is March 25, unless the appeals court agrees to either stop the judgment or allow him to post a bond for a smaller amount.

Trump previously told the appellate court that he doesn’t have the cash to prevent the enforcement of the judgment.

Late last month, an appeals court judge denied Trump’s request to pause the enforcement of the judgment for widespread business fraud. A full panel of the New York appeals court — known as the First Department of the Appellate Division — is now considering whether to halt the judgment while Trump pursues his appeal.

Trump’s lawyers have offered that Trump could post a $100 million bond — far lower than what would typically be needed to stave off enforcement of the judgment. James’s office has opposed that proposal.

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