(NewsNation) — A New York appeals court agreed to hold off on collecting the more than $450 million former President Donald Trump is liable for if he can put up a bond of $175 million within 10 days.
If Trump comes up with the money, it will stop the clock on collecting the full amount he owes and prevent the state from seizing his assets during the appeals process.
In a press conference, Trump said he would pay the bond “very quickly” as he went through a familiar litany of issues, accusing the case and others against him of being political in nature and attacking judges and prosecutors involved.
Trump’s lawyers had asked the court to halt collection because of the difficulty finding an underwriter who would issue a bond for that much money. Trump is currently fighting to overturn a judge’s ruling that he lied about his wealth to get favorable treatment from banks.
In statements on his social media network, Truth Social, Trump attacked Judge Engoron, claiming he undervalued the worth of Mar-a-Lago and calling him corrupt. Trump also committed to paying the $175 million as required by the current ruling.
The Monday ruling comes as New York Attorney General Letitia James was expected to begin the process of seizing Trump’s assets, from money in his bank accounts to his real estate properties.
Trump owes the money following a ruling that he had lied about his assets and wealth in order to secure more favorable terms from banks. He was ordered to pay a $354 million penalty plus interest, which comes to more than $111,000 per day.
In order to appeal, Trump must still turn the amount owed over to the court to hold until the appeal is done. Trump’s lawyers noted that he would have to pay more than $500 million to secure a bond and nobody was willing to accept real estate assets, which make up the bulk of Trump’s wealth, as collateral.
If Trump were unable to pay, the state would have had the ability to begin seizing his assets, including cash from his bank accounts and real estate properties that would be auctioned off for sale.
James had already begun laying the groundwork to seize a Trump golf course and estate in Westchester County, though the state will now have to wait until the case goes through appeals to collect.
Trump is also liable for an $83.3 million judgment in a civil suit from E. Jean Carroll, which he secured a $91 million bond to cover the judgment and interest and allow him to go forward with his appeal in that case.
Trump also appeared in court on Monday as part of a hush money trial in New York, where a judge ruled jury selection will begin on April 15. He is also facing an election interference case in Georgia and two federal criminal cases against him, one involving retaining classified documents at Mar-a-Lago and one involving election interference.