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#Trump #Bond Firm Should Offer Proof of Resources, #NewYork Says
#NYAG #LetitiaJames asked an appeals court to require Trump to prove within 10 days that the company providing his $175M bond in the state’s #civil #fraud case is financially capable of delivering if his #legal challenges fail.
The request was made in a filing Thurs by the state.
#law #KnightSpecialtyInsurance #DonHankey
https://www.bloomberg.com/news/articles/2024-04-04/trump-bond-firm-should-offer-proof-of-resources-new-york-says
CBS reported on the issue:
Is Trump's $175M #civil #fraud #bond valid in #NewYork?
When #Trump posted a bond in NY on Mon, it appeared that he had evaded a #financial crisis. He had paused enforcement of the >$460M judgment against him, while his appeal is pending.
But the surety bond was missing vital information typically included in those filings, experts say.
#law #KnightSpecialtyInsurance
https://www.cbsnews.com/news/donald-trump-175-million-civil-fraud-bond-valid-new-york/
Standard elements incl docs related to POA for the #bond provider, #KnightSpecialtyInsurance Co, a #financial stmnt & a cert of solvency from the DFS.
Bruce Lederman, an atty who has filed many bonds in #NY, including for a real estate developer challenging a judgment, said he was struck by the "glaring errors.”
"you always have to have a cert from the DFS saying that you're licensed to issue a surety bond," he said, referring to the missing cert of solvency per §1111 of #NY #Insurance #Law.