I’m not a collections lawyer, and I don’t play one on TV, but I’ve known enough of them to be acutely aware of the complexity and problems of getting the money awarded by the jury. Large damage awards are often reported without much comment about the fact that the plaintiff now holds a piece of paper. Converting that paper into money is a separate issue. When the defendant is covered by insurance, collections are easy. Otherwise, they can be difficult. Often, very difficult. You can’t get blood from a rock, for example.
But this is the day upon which Trump must either bond the award to the State of New York or Tish James gets to start to collect the judgment by fiat. There may be restraining notices sent to banks and other financial entities that will freeze Trump accounts. There may be an application for orders from the court to seize assets. There may be post-judgment discovery demands to ascertain assets and, in this particular case, identify the ownership of assets. It’s not at all clear that buildings with the name “Trump” on them are owned by Trump, or to what extent. Continue reading →