Had Donald Trump didn’t pay the $464m (£365m) bond – and the courtroom had not granted him an extension – his financial institution accounts might have been frozen instantly.
New York Legal professional Common Letitia James will solely must ship restraining notices to his banks and brokerage corporations to freeze his accounts.
“It is fast and simple,” mentioned Randy Zelin, an affiliate professor of legislation at Cornell Legislation College.
“As soon as the financial institution will get that restriction discover, they may shut these accounts.”
The following step can be for the Legal professional Common’s Workplace to ship the banks and brokerage corporations a discover of turnover signed by the choose.
Afterward, Zelin mentioned the method is strictly what it feels like: “[The banks] Hand over the cash.”
He defined that the timeline between sending a restraining discover and sending a turnover discover that might empty Trump’s financial institution accounts might occur shortly.
“as quickly as potential [prosecutor’s office] “He needs to work,” he mentioned.
Theoretically, that would occur inside a couple of days, Zelin agreed.
For now, Trump’s financial institution accounts and belongings stay secure, and he has 10 extra days to pay a smaller sum of $175 million.