I realllllly want to know which institutions are denying Trump bond. It's boycottin' time.
(www.thegatewaypundit.com)
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The way I understand this is that IF he doesn't come up with the money, Letitia will seize and hold in escrow, the title to his property until after the appeal. If Trump wins the appeal, she has to return the title. No one expects her to abide by the rules. She will seize the title and either sell the property or house illegals in it thereby destroying the property. Trump will be entitled to monetary damages and will accept the money and run out of town with a boatload of money.
The judgment is a money judgement. You can't turn over property to satisfy the judgement.
Trump can get a "stay of the judgment" by putting up the money. Or getting a surety bond company to put up the money. The bond is a private contract and they can choose to use property as collateral, but they put up real money.
If I had a one of kind guitar worth $50,000 guitar and I signed Babe Ruth baseball card that I had to sell to satisfy my bond while I appealed and I won my appeal, I would get my money back, I wouldn't get my guitar or my autograph back.
So this won't happen. NY would have to return money.
If Trump does NOT get a stay, NY can seize assets to to satisfy the judgement. Those assets are not Trump's any longer and can be liquidated. If Trump won his appeal, he can't go to the new owners of the assets and demand them back, he gets money back from NYS.
Yes if he wins, he gets a boatload back, but right now he has to put up that boatload by Monday and his deal for someone else to put it up fell through. Not a silver lining type of deal.
You are correct for "items" but when it comes to PROPERTY (land/buildings), I'm not sure it's the same. I could be wrong, but the few property sales/purchases I've done don't work the same as "items"/assets.
Please appreciate, I'm NOT saying that Trump WANTS this to happen, but I AM saying he will probably turn this into his favor SHOULD this happen. If this were me, I'd take ANY opportunity to get the hell out of NY that I could.
My reading of this is you can defintely seize property and have the sheriff sell it at auction
https://ww2.nycourts.gov/courts/6jd/tompkins/ithaca/webpageJudgement.shtml
https://www.thelangelfirm.com/debt-collection-defense-blog/2015/december/sale-of-real-property-through-sheriff-levy-new-y/