General Attorney Letizia Giacomo is ready to target the former president Donald Trumpif he fails to pay a large debt due to civil fraud.
This move could see Trump’s properties, including those in New York City and upstate New York, potentially sold at sheriff’s auction.
But what will happen to Trump if he doesn’t pay $457 million by the March 25 deadline? Still nothing, Bernard D’Orazioan experienced enforcement lawyer told Business Insider.
The four-time indicted Republican candidate is “well within his legal rights to do nothing, and if he doesn’t pay, he can’t be put in prison,” D’Orazio says.
“We no longer jail debtors. We only jail them, in rare cases, if they fail to comply with court orders and are found in contempt of court,” he added.
Read also: Trump held liable for sexual abuse and defamation in E. Jean Carroll lawsuit
If Trump fails to pay the debt, according to D’Orazio, here’s what will happen next. The execution process could begin with the freezing of Trump’s cash in bank accounts registered in New York, followed by the seizure of these funds by the sheriff’s office.
This step does not immediately transfer the funds to the creditor but is critical in the enforcement process.
James is also monitoring real estate, with properties like 40 Wall Street as potential targets for auction.
The auction of Trump’s properties, including his Manhattan penthouse, could take many months, potentially aligning with significant political deadlines.
Trump, impeached twice, may delay the process, including appeals and petitions for protective orders, which could extend the timeline further.
The potential auction would aim to cover the amount of the judgment and contribute to city coffers through a “pound tax.”
The outcome of these enforcement actions could have a significant impact on Trump’s financial and real estate holdings, marking a pivotal moment in this high-profile case.
Now read: Millions of Americans grow tired of ‘great Trump diaspora,’ considering mass exodus if he wins again
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
Image: Pixabay