What if Donald Trump can’t submit $454 million in bonds?

Former President and Republican candidate Donald Trump speaks at the 2024 National Association of Religious Broadcasters International Christian Media Conference in Nashville, Tennessee, on February 22, 2024. — Reuters

Former US President Donald Trump’s legal team is racing against time to secure a multimillion-dollar bail in a fraud case in New York during his second term in the White House.

People are anticipating what will happen if Donald Trump is unable to secure $454 million in bonds by Monday.

Quoted by legal experts CNNNew York District Attorney Letitia James’ staff will be prepared to seize assets, including homes, cars, planes and more, if bail is not obtained.

It is easier for them to look to banks because real estate and illiquid assets are difficult to hold. Trump also appealed the decision, but in order for the appeal to proceed, he must post a bond.

“The banks are the easy part,” said attorney Peter Katz, a former federal prosecutor in the Eastern District of New York who has handled fraud cases. “They get the attorney general’s ruling and then the bank enforces it.”

“They withdrew funds from the account and deposited it into the attorney general’s account.”

Ask the U.S. Marshals or New York City Sheriff for help, and with a court order, “they walk in [ to a bank] and give it to the manager,” said Adam Pollock, a former New York assistant attorney general who specializes in judgment enforcement at the law firm Pollock Cohen LLP.

“The manager should pay this amount immediately. It should be a cashier’s check.”

The media quoted Alden B Smith, a lawyer who specializes in debt collection, as saying: “They want to find the most liquid assets that can be immediately restricted. Bank accounts are the most effective way. They may just be in Decide what the best course of action is.”

See also  Donald Trump 'might' do something he never did on the campaign trail

Earlier this week, the 77-year-old former president said he had enough money to run a re-election campaign and pay bonds. However. Last week, his lawyers said they were unable to secure bail for their client.

Source link

By Ali Raza

I am a dedicated and skilled News Content Writer with a passion for delivering accurate and engaging stories to a diverse audience. With a solid background in journalism and a keen eye for detail, I bring a commitment to excellence and a deep understanding of the evolving media landscape.

Leave a Reply

Your email address will not be published. Required fields are marked *