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In reply to the discussion: What property of Trump's should the NY A.J. seize first? [View all]MichMan
(12,002 posts)24. It was just a question
If I buy a house with a couple other partners, and I get a judgement against me, that must mean that the courts could take possession of my 1/3 of the property.
In my example, that would be one bedroom and small bathroom and 1/3 of the living room, kitchen and garage, that would be seized and padlocked, while the remaining 2/3 would remain the property of the others. I assume that that 1/3 share could then later be sold to whomever comes up with the money.
Now if a bank is the lienholder, they would be the one that would claim the proceeds, correct?
Wasn't sure how it would be physically seized and divided up with a value determined. Thanks for the clarification.
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Per NYT they can seize his property anywhere, just more paperwork if out of NY state. Quick hit $$$ are in NY state.
dutch777
Mar 25
#52
I believe the first assets will be the Seven Springs golf course and the adjoining estate in Westchester...
EarthFirst
Mar 24
#21
According to Post #17, anything he has any interest in can be seized and taken possession of
MichMan
Mar 24
#28
Yeah, doubt he owns much free and clear. A $100 mil property may be 10% Trump's and 90% banks'.
dutch777
Mar 25
#55