The time for former President Donald Trump to get a bond for the large civil fraud judgment against him is coming up soon. Both his lawyers and the office of the New York Attorney General are working harder to get the bond.
The verdict against Trump, which was more than $454 million, was given by Judge Arthur Engoron in February. The amount that Trump’s sons, Eric and Donald Jr., and the Trump Organization owe, along with interest that has built up, is an unbelievable $463.9 million.
As Monday approaches, experts predict that if Trump fails to get the bonds needed for Engoron’s decision while he appeals, the New York Attorney General’s office will start civil action to seize Trump’s assets.
Trump’s homes, cars, and even his private plane and helicopters are among the things that are at risk. But the main focus may be on taking bank accounts and homes, since those are easier to get to and more difficult to seize.
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Trump has asked a state appeals court to let him post a smaller bond or none at all. He says that having to sell properties quickly could cause him irreversible harm that can’t be fixed even if he wins his appeal. The court has not yet made a ruling on this matter, though.
If Trump fails to get the bond, the following could happen:
Taking Over Trump’s Bank Accounts and Cash: State prosecutors can start the formal process of taking over Trump’s property, focusing on his bank accounts first. To do this, court orders must be obtained and law enforcement must be asked to execute them. This makes it possible for money to be transferred to the Attorney General’s accounts.
Taking Property: Taking Trump’s properties would take longer because state attorneys would have to issue execution orders and the properties would then have to be sold at public auctions. Even though Trump’s properties in other states are a problem, legal moves are being made to make it easier to seize assets in New York.
Possible Problems at Mar-a-Lago: Trump’s Florida estate, especially Mar-a-Lago, has special law issues that need to be thought through. How well Mar-a-Lago is protected by the law may depend on how much of it is Trump’s main home.
Even with these legal fights, Trump’s choices are getting smaller. Going bankrupt is still an option, even though the former president doesn’t want it. Selling smaller buildings might help in the short term, but Trump’s money problems are still there.
Trump’s financial problems keep getting worse while he waits for court decisions on his appeals and fights ongoing legal cases. The former president is up against big legal and financial problems right now, and millions of dollars are on the line.
The results of these court cases will have an effect on Trump’s personal wealth and could also have an effect on his political future, since he is facing multiple criminal charges and civil cases while also trying to become president.