Donald Trump’s legal team and the New York Attorney General’s office are scrambling before Monday’s deadline to secure a bond for the hefty civil fraud judgment against the former president.
Trump faces a whopping $454 million in personal debt from a ruling made by Judge Arthur Engoron in February. With the addition of debts from his sons, Eric and Donald Jr., and the Trump Organization, the total soars to $463.9 million, including accrued interest.
Experts believe that Attorney General Letitia James and her team are ready to dive into the complex process of seizing Trump’s assets if he fails to obtain the necessary bonds for Engoron’s ruling during his appeal.
Assets like buildings, homes, vehicles, and even his plane are up for grabs, but targeting bank accounts might be the initial focus, given their accessibility. Trump has requested a lower bond or none at all, fearing irreversible losses if forced to sell properties hastily.
If Trump fails to secure the bond, here’s what could happen:
Seizing bank accounts and cash is the first step. State prosecutors would obtain a court order and instruct the bank to transfer funds to the Attorney General’s accounts.
Taking money from Trump’s accounts involves the New York City Sheriff or a US Marshal presenting the court order to the bank manager, who must comply by issuing a cashier’s check promptly.
While seizing bank accounts is relatively straightforward, seizing properties and businesses is a lengthier process. It involves issuing an execution order, posting notices, advertising auctions, and waiting 63 days before a public auction can take place.
What about buildings and businesses?
Seizing property takes much longer. Once state prosecutors figure out what property they want to take, they give the sheriff’s office the execution order, along with a fee for $350, Pollock said. The sheriff then posts the notice for the property in three places and the Attorney General’s office must advertise it four times, Pollack said. Then, in 63 days from when the execution order is given to the sheriff, a public auction is held for the property, according to Pollock.
“They could say ‘hand over the ownership of these 500 corporations and LLC’s to the sheriff for public auction’ or just enough so that they could satisfy the judgment or $455 million worth,” Pollock said.
The seizure process will be more difficult with Trump’s out-of-state properties, so state prosecutors have already made some legal moves to get the ball rolling in New York.
The attorney general’s office filed judgments in Westchester County, north of New York City, in what some say is the first sign that the state is laying the groundwork to seize the former president’s golf course in Briarcliff Manor as well as his private estate known as Seven Springs.
State lawyers entered the judgments with the clerk’s office in Westchester County on March 6, just one week after Engoron’s ruling.