The appeal aims to challenge whether Judge Arthur Engoron made legal errors when handing down the massive judgment earlier this month. The $464 million figure includes prejudgment interest that accrued from the over $350 million award against Trump and his company. The ruling also prohibits Trump from operating any New York businesses for three years.

The judgment followed allegations by New York Attorney General Letitia James that Trump and his company's top executives engaged in fraud for years by inflating their assets on financial documents to secure loans and insurance policies. With the 30-day window for appeal now open, Trump will need to post a bond for the full amount or obtain court approval for a freeze or reduced payment to avoid his assets being seized.

Trump was also recently hit with an $83 million defamation verdict in a federal court in New York, which was entered on Feb. 8. His attorneys have requested an extension to post a bond in that case, pending the outcome of post-trial motions. U.S. District Judge Lewis Kaplan will not rule on the issue until hearing from the lawyers of the plaintiff, E. Jean Carroll, who Trump allegedly defamed. Kaplan has given Carroll's attorneys until Thursday to respond and Trump's legal team an additional two days to reply.