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Caribbean (D) agreed to buy stock from Panama with a down payment of $85,000 and $165,000 in twelve installments. The purchase was made but D did not make the installment payments. Panama then assigned its interest in the payments to Kramer (P) for $1 who then promised to pay Panama 95% of any net recovery. P sued D in diversity in Texas and D moved for dismissal for want of jurisdiction. The jury gave P the verdict and D appealed. The Court of Appeals reversed. The Supreme Court granted certiorari.

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