Bond terms tweaked

Meanwhile, bond terms tweaked but $175 million amount remains the same in civil fraud case

From CNN's Sabrina Souza

Attorneys for former President Donald Trump and the New York attorney general’s office reached an agreement Monday on the terms of the $175 million bond that Trump posted to cover the civil fraud judgment he’s appealing.

The agreement comes after the state attorney general challenged the bond, questioning the financial ability of the underwriter, Knight Specialty Insurance Company, to guarantee it.

Under the terms of the agreement, Trump is required to keep the $175 million in the Charles Schwab account used to secure the bond as cash. Knight Specialty must have exclusive control of the account and may not withdraw or trade any of the funds in it. The company must also provide a monthly statement to the attorney general with the account’s balance. None of the agreements for securing the bond can be amended without the court’s approval, and Knight Specialty must submit to the jurisdiction of the court.

In January, Judge Arthur Engoron fined Trump and his co-defendants, including his adult sons and his company, $464 million, finding they fraudulently inflated the value of the former president’s assets to obtain better loan rates.

Trump has posted the $175 million bond as he appeals the ruling.