A New York appeals court paused the $454 million bond collection in former President Donald Trump’s New York civil fraud case on Monday, if he’s able to put up $175 million in 10 days.
If Trump submits the smaller sum it “will stop the clock” on the collection while he appeals his case, according to The Associated Press. New York would not be able to seize his assets during the appeal.
The ruling comes as New York Attorney General Letitia James would have started to seize the presumptive Republican presidential nominee’s real estate and bank accounts, according to CNBC. The five-judge panel’s decision means she’ll now have to wait.
How did Trump react?
Trump’s lawyers had previously suggested the bond be set at $100 million, saying it would be “impossible” for Trump to get an appeal bond of $454 million, CNBC reported. Trump had approached more than 30 surety companies to write a bond without success because the companies were unwilling to write a bond without Trump posting cash or liquid assets, according to CNBC.
Trump is asking an appeals court to overturn the Feb. 16 finding in New York court that he lied about his wealth “as he grew the real estate empire that launched him into stardom and the presidency,” according to The Associated Press. James had said in March that she would start seizing Trump’s assets to “make sure that the judgement is paid” if Trump didn’t have the money to pay.
Trump said Monday he would “abide by the decision” and meet the terms of the judgment on Truth Social, according to CNN.
The former president has condemned the verdict, saying it is politically motivated and designed to hurt his chances of winning the presidency in November, according to CNBC.
Trump hush money trial begins next month
In a separate legal matter, Trump’s hush money trial will begin April 15, the New York judge presiding over the case announced Monday, according to Fox News. Trump had previously requested to delay the trial.
In the case, Trump is charged with falsifying business records, NBC News reported. Trump attended the hearing, calling the trial date “a disgrace.”
“We’ll obviously be appealing,” he said.
Trump’s criminal trial was originally scheduled to begin Monday, according to Fox News. The charges deal with alleged hush-money payments made during the 2016 presidential race.