New York Laws
Title 11 - Consideration; Effect of Writing on Requirement of Consideration
5-1101 - Agreements Relating to Securities.

§ 5-1101. Agreements relating to securities. An agreement, promise or
undertaking for the purchase, sale, transfer, assignment or delivery of
a certificate or other evidence of debt, issued by the United States or
by any state, or a municipal or other corporation, or of any share or
interest in the stock of any bank corporation or joint stock
association, incorporated or organized under the laws of the United
States or of any state, is not void or voidable, for want of
consideration, or because of the nonpayment of consideration, or because
the vendor, at the time of making such contract, is not the owner or
possessor of the certificate or certificates or other evidence of debt,
share or interest.

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