Student Loan Marketing Association, as Assignee of Valley National Bank v. Frederick S. Lipman
Court of Appeals for the Seventh Circuit
1Opinion of the Court
ILANA DIAMOND ROVNER, Circuit Judge.
When Frederick Lipman failed to make any payments on seven medical school loans, the Student Loan Marketing Association (“SLMA”) filed this diversity action in federal court. Although served with process, Lip-man never appeared before the trial court, and on December 26, 1991, that court entered a default judgment in the amount of $75,676.20, “plus interest at the statutory rate.” (R. 15.) The case then lay dormant until August of the following year, when SLMA, believing that the district court had based its judgment on an erroneous assessment of the…
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