Donald Trump's Assets Will Be Seized If He Fails to Pay $464 Million Bond on Monday

By Thea Felicity

Mar 21, 2024 04:00 PM EDT

GREENVILLE, SOUTH CAROLINA - FEBRUARY 20: Republican presidential candidate, former U.S. President Donald Trump speaks during a Fox News town hall at the Greenville Convention Center on February 20, 2024 in Greenville, South Carolina. South Carolina holds its Republican primary on February 24.
(Photo : Photo by Justin Sullivan/Getty Images)

Former President Donald Trump's assets will be seized in New York's Westchester County following a $464 million bond judgment in his civil fraud trial. Per ABC News, this is New York Attorney General Letitia James's first step in advancing Trump's civil fraud case.

This means that state authorities have officially recorded the judgment resulting from Trump's civil fraud trial with the county clerk's office in Westchester. 

Therefore, allowing New York AG Letitia James to initiate legal proceedings to seize assets like the Trump National Golf Course in Briarcliff Manor and the Seven Springs estate in Bedford if Trump doesn't meet the Monday deadline to obtain a bond.

James' action coincides with increasing difficulties faced by Trump's legal team in securing a bond to satisfy the hefty $464 million judgment imposed by Judge Arthur Engoron. 

Trump's lawyers have filed a petition with an appeals court, requesting approval to either post a reduced bond amount or eliminate the requirement entirely.

A recent update from VCPost states that his appeal has been denied. 

READ NEXT: Donald Trump Denied $464M Appeal Bond Amid New York Civil Fraud Judgment

What Happens if Donald Trump Fails to Pay For His $464 Million Bond On Monday?

Now, if Donald Trump fails to meet the Monday deadline to secure a financial guarantee, James could proceed with legal measures to seize Trump's bank accounts and physical assets in Manhattan and Westchester, including Trump National Golf Course and Seven Springs estate.

Despite the looming Monday deadline on the $464 million bond, Trump's legal representatives have remained steadfast in their assertion that securing the bond is an uphill battle. 

In a letter sent to New York's Appellate Division, Trump attorney Clifford Robert decried James' suggestions as "illogical," "unconstitutional," "impractical," and "unjust."

"It would be completely require Defendants to sell order to be able to appeal the lawless Supreme Court judgment," Robert wrote.

The judgment against Trump stems from allegations of fraud and misrepresentation to inflate his net worth for favorable loan terms, a charge he has denied and is currently appealing.

No insurance company has yet to show interest in providing Donald Trump $464 million for his bond.

READ MORE: Donald Trump Admits Running Out of Cash to Pay $454 New York Fraud Fine, Might Forced Him to Sell Assets at 'Sale Prices'

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics