The ruling also delays enforcement of the $464 million judgment by ten days.
A New York appellate court has ruled that former President Donald Trump can post a lower bond to cover his $464 million civil fraud judgment.
The Appellate Division, First Department said Trump can post a bond "in the amount of $175 million" to cover the judgment.
Trump's attorneys had argued obtaining a bond for the full amount of $464 million was a "practical impossibility."
https://abcnews.go.com/US/trump-properties-letitia-james-seize-464m-judgment/story?id=108455801
“It is ordered that the motion is granted to the extent of staying enforcement of those portions of the Judgment (1) ordering disgorgement to the Attorney General of $464,576,230.62, conditioned on defendants-appellants posting, within ten (10) days of the date of this order, an undertaking in the amount of $175 million dollars,” the two-page order said.
The ruling comes as Trump and his sons faced a Monday deadline to pay or secure a bond, or risk New York Attorney General Letitia James beginning the process of seizing the former president's prized assets.
Trump, according to multiple sources close to former president, reacted to the ruling with a sigh of relief.
"We got what we wanted," one source told ABC News.
Thirty bond companies had declined to offer Trump a bond to cover the full $464 million judgment and were waiting for the appeals court to rule.
abcnews.go.com
A New York appellate court has ruled that former President Donald Trump can post a lower bond to cover his $464 million civil fraud judgment.
The Appellate Division, First Department said Trump can post a bond "in the amount of $175 million" to cover the judgment.
Trump's attorneys had argued obtaining a bond for the full amount of $464 million was a "practical impossibility."
https://abcnews.go.com/US/trump-properties-letitia-james-seize-464m-judgment/story?id=108455801
“It is ordered that the motion is granted to the extent of staying enforcement of those portions of the Judgment (1) ordering disgorgement to the Attorney General of $464,576,230.62, conditioned on defendants-appellants posting, within ten (10) days of the date of this order, an undertaking in the amount of $175 million dollars,” the two-page order said.
The ruling comes as Trump and his sons faced a Monday deadline to pay or secure a bond, or risk New York Attorney General Letitia James beginning the process of seizing the former president's prized assets.
Trump, according to multiple sources close to former president, reacted to the ruling with a sigh of relief.
"We got what we wanted," one source told ABC News.
Thirty bond companies had declined to offer Trump a bond to cover the full $464 million judgment and were waiting for the appeals court to rule.
Appellate court rules Trump can post a lower bond of $175M to cover his civil fraud judgment
A New York appellate court has ruled that former President Donald Trump can post a lower bond of $175 million to cover his $464 million civil fraud judgment.
