Bivens v. Hancock

Plaintiffs were guarantors on a statutorily required livestock agency bond issued to Vale Livestock Auction Co. (Vale Livestock) by Merchants Mutual Bonding Company. After Vale Livestock’s default, the bonding company brought an action in federal district court against plaintiffs on their guarantees. Satisfactions were given on judgments against both plaintiffs Bivens and Munsterman on October 8, 1980, and a dismissal due to compromise was entered on behalf of plaintiff Garrett on October 27, 1980. Plaintiffs thereafter commenced this action to impose a constructive trust on assets received…