Court agrees to cease Trump’s civil fraud fine in exchange for $175 million deposit

New York’s court wants to wait before getting money from a past U.S official President Donald Trump must pay $454 million for cheating. He has to give $175 million in 10 days.

If he does that, it will stop the state from taking his things and asking for another chance in court.

The development occurred just before New York Attorney General Letitia James was going to start trying to collect the money she was owed.

Earlier this week, Trump’s lawyers asked a court to stop making him pay money. They said it would be very difficult to find someone willing to pay a large amount of money for him.

The court of appeals in the state made a decision about Trump’s attempt to change a judge’s ruling from February. At 16, he began to lie about how much money he had while he was growing his real estate business. This business made him really well-known and eventually helped him become the president.

Former President Donald Trump might learn on Monday how New York state plans to get the more than US$457 million he owes for his civil business fraud case, even though he is appealing the decision that caused the huge debt.

After Letitia James, the state Attorney General, won the case, she chose not to enforce the judgment while Trump asked for time to appeal to the court and delay the payment.

The period ends on Monday, but James might decide to give Trump more time. The Republican who is likely to be the party’s presidential nominee is trying to avoid having to pay a full amount of money as security while he appeals in court. But the courts have not agreed with him so far.

Last month, James, a Democrat, said to ABC News that if Trump doesn’t have the money to pay, she would take his things. She was ready to make sure he pays the money he owes.

She did not explain how she did it or say exactly what she was talking about. Her office has also said they don’t want to talk about it. At the same time, it has officially notified the court’s decision, which is the first step in possibly starting to get the money owed.

On Monday morning, Trump complained on social media about a civil judgment and the possibility that James might enforce it. He was also on his way to another court hearing for his hush money case.

The former president said that the Democrats were trying to take his money to hurt his chances of winning the 2024 election. He said they were making up a plan to do this.

“I planned to spend a lot of my hard-earned money on running for President. ” They don’t want me to do that – ELECTION INTERFERENCE. ” he wrote on his Truth Social website. He didn’t like the idea of being made to sell or lose his properties, which he called his “babies. ”

Taking away belongings is a usual choice in the law when someone doesn’t have money to pay a fine from a court case. In Trump’s situation, potential targets could be his fancy apartment in Trump Tower, his airplane, his office building on Wall Street, or his golf courses.

The attorney general can also investigate his bank and investment accounts. Trump said on social media that he has almost US$500 million in cash. He plans to use a lot of it for his run as president. He said that James and Judge Engoron, who is a Democrat, are trying to take away his money so he can’t use it for his campaign.

One option is for James’ office to use the law to have the police take away properties and then try to sell them. However, it is difficult in Trump’s situation, as stated by Stewart Sterk, a professor of real estate law at Cardozo School of Law.

“He said it takes time to find people who want to buy such expensive things. At a regular auction, it’s unlikely that people will bid the true value of the property. ”

Trump owes money because he was in a long trial last year. The state said he made up how much money he had to trick banks and insurers. The experts thought his penthouse was almost three times bigger than it really was.

Trump and the other people he was accused with said they didn’t do anything wrong. They said the statements about his money were actually too low, came with warnings, and were not believed by the banks and insurance companies that gave him money. He said that the mistake with the penthouse was made by his employees.

Engoron agreed with the lawyer in charge and told Trump he has to pay $355 million, plus more money that goes up every day. Some people who were also accused, like his sons and company vice presidents, Donald Trump Jr. and Eric Trump, had to pay much less money.

Under the law in New York, when someone files an appeal, it usually doesn’t stop the court from enforcing a decision. However, there will be a stop automatically if the person or entity pays a bond that includes the amount owed.

The lawyers of the former president said that he cannot do that. They said the people who give money to cover legal claims wanted more than the judgment amount and wouldn’t take property as security. This would mean putting aside more than $557 million in cash, stocks, and other easily-convertible assets. Trump’s company also needs some money to continue running the business, according to his lawyers.

Trump’s lawyers want to stop the collection of money from him without having to put up a bond. The lawyer in charge has disagreed.