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Trump must pay $175M in 10 days to put off collection of full $454M bond: court

Click to play video: 'Trump civil fraud case: N.Y. appeals court lowers bond, extends deadline'
Trump civil fraud case: N.Y. appeals court lowers bond, extends deadline
WATCH: Former U.S. president Donald Trump has been handed a partial legal victory after a New York state appeals court gave him another 10 days to post the bond in his civil fraud case, while also reducing the amount from $464 million USD to $175 million USD. Reggie Cecchini looks at whether this partial lifeline can help Trump. Reggie also reports on the setback dealt to Trump in his criminal trial involving alleged hush money payments to porn star Stormy Daniels – Mar 25, 2024

A New York appeals court has agreed to hold off collection of former President Donald Trump’s more than $454 million civil fraud judgment — if he puts up $175 million within 10 days.

If Trump does, it will stop the clock on collection and prevent the state from seizing his assets while he appeals.

Monday’s order is a significant victory for Trump as the presumptive Republican nominee defends the real estate empire that vaulted him into public life. The development came just before New York Attorney General Letitia James was expected to initiate efforts to collect the judgment.

Click to play video: 'Trump advisor Peter Navarro surrenders to police to start serving prison sentence'
Trump advisor Peter Navarro surrenders to police to start serving prison sentence

Trump’s lawyers had pleaded for a state appeals court to halt collection, claiming it was “a practical impossibility” to get an underwriter to sign off on a bond for such a large sum.

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Last week, Donald Trump’s lawyers told a New York appellate court that it’s impossible for the former president to post a bond covering the full amount of his $454-million civil fraud judgment while he appeals.

A state appeals court judge ruled last month that Trump must post a bond covering the full amount to pause enforcement of the judgment, which is to begin on March 25.

With interest, Trump owes $456.8 million. In all, he and co-defendants including his company and top executives owe $467.3 million. To obtain a bond, they would be required to post collateral worth $557 million, Trump’s lawyers said.

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