Filed: Mar. 15, 2018
Latest Update: Mar. 15, 2018
Summary: MEMORANDUM AND ORDER FREDERIC BLOCK , Senior District Judge . Defendants, via letter, filed a copy of a supersedeas bond with the Court in the amount of $6,750,000.00. Federal Rule of Civil Procedure 62(d) provides "if an appeal is taken, the appellant may obtain a stay [of enforcement of judgment] by supersedeas bond. . . . The stay takes effect when the court approves the bond." Typically, such bonds cover the judgment amount, costs, interest, and damages for delay. 11 Charles Alan Wrig
Summary: MEMORANDUM AND ORDER FREDERIC BLOCK , Senior District Judge . Defendants, via letter, filed a copy of a supersedeas bond with the Court in the amount of $6,750,000.00. Federal Rule of Civil Procedure 62(d) provides "if an appeal is taken, the appellant may obtain a stay [of enforcement of judgment] by supersedeas bond. . . . The stay takes effect when the court approves the bond." Typically, such bonds cover the judgment amount, costs, interest, and damages for delay. 11 Charles Alan Wrigh..
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MEMORANDUM AND ORDER
FREDERIC BLOCK, Senior District Judge.
Defendants, via letter, filed a copy of a supersedeas bond with the Court in the amount of $6,750,000.00. Federal Rule of Civil Procedure 62(d) provides "if an appeal is taken, the appellant may obtain a stay [of enforcement of judgment] by supersedeas bond. . . . The stay takes effect when the court approves the bond."
Typically, such bonds cover the judgment amount, costs, interest, and damages for delay. 11 Charles Alan Wright & Arthur R. Miller, Fed. Practice & Proc. § 2905 (3d ed. 2017). However, courts may approve a lower amount, or indeed, waive the bond requirement altogether, "if doing so does not unduly endanger the judgment creditor's interest in ultimate recovery." Morgan Guar. Trust Co. of New York v. Republic of Palau, 702 F.Supp. 60, 65 (S.D.N.Y. 1988); see also See In re Nassau Cty. Strip Search Cases, 783 F.3d 414, 417 (2d Cir. 2015) (approving waiver of bond requirement).
While defendants' proposed bond covers only the amount of judgment, the Court is satisfied that defendants, well-financed real estate companies and their wealthy owner, will fiscally able to pay interest and costs after the appellate process ends. Therefore, the proposed bond is approved, and enforcement of judgment is stayed pending appeal.
SO ORDERED.
