Former President Trump is challenging the $364 million fine a New York judge handed down for his company's fraudulent business practices, multiple outlets reported.

Why it matters: The former president formally signaled in a legal filing Monday his intent to appeal New York Judge Arthur Engoron's ruling, which will trigger a review that may delay its enforcement.

Catch up quick: In addition to the $364 million in penalties, Engoron barred Trump from running a business as an officer or director in New York for three years.

• The amount Trump could end up paying in the case is higher than the base sum of $364 million due to accruing interest, which grows by about $112,000 daily, AP reported.
• As of Sunday, Trump owes a total of about $465 million, according to New York Attorney General Letitia James, who filed the civil case against the former president and has posted the updated sum daily on X.

State of play: Trump's lawyers wrote in the court documents Monday that they want the appeals court to determine if Engoron "committed errors of law and/or fact" and whether he "acted in excess" of his jurisdiction, per AP.

• Trump's co-defendants in the case, including his sons Eric Trump and Donald Trump Jr., also joined the appeal on Monday, per CNBC.
• The New York Attorney General's office told Axios they did not have a comment regarding the notice of appeal.
• "We trust that the Appellate Division will overturn this egregious fine and take the necessary steps to restore the public faith in New York's legal system," Trump lawyer Alina Habba said in a statement.

Details: Trump has the choice to either pay the money or secure an appeal bond from a bonding company, which would post the funds on his behalf, per the New York Times.

• The bond is essentially a promise that the judgment will be paid.
• Posting the bond would stop the attorney general's office from collecting the amount Trump owes while his appeal is heard. But it requires Trump to pay the bonding company a fee of up to 3% of the judgment and pledge collateral, per the Times.
• The notice of appeal filed Monday did not state whether Trump had secured the appeal bond, per CNBC.

Background: Engoron found Trump liable for financial fraud in September. The January trial was to determine what penalties the former president and his business empire would face.

• James sought a $370 million penalty from Trump for allegedly committing decades of financial fraud.
• She also wanted to bar Trump and his two sons from being able to do business in New York ever again.

Zoom out: The case is just one of several that Trump is facing as he seeks to clinch the Republican presidential nomination.

Go deeper: What Trump stands to lose in his New York civil fraud trial

Editor's note: This story was updated with additional context.